2023-03-21
On Monday, March 20, 2023, H.E. Dr. Chea Serey, Deputy Governor of the National Bank of Cambodia, presided over and delivered an opening speech at the seminar on Riel, Financial Literacy, and Bakong payment systems at The Center for Banking Studies (CBS). The seminar was held to celebrate the 43rd anniversary of the reintroduction of the riel (March 20, 1980 - March 20, 2023) and was attended by representatives from ministries, banking and financial institutions, higher education institutions, and university students. The seminar featured an exhibition on the history of the riel, the payment system, and a booth to demonstrate financial literacy. During her speech, H.E. Deputy Governor shared a brief history of the riel, including its first launch, complete abolition during the Pol Pot regime, and the re-issuance of the riel after the liberation on January 7, 1979. H.E. Deputy Governor also emphasized the importance of the riel for the effectiveness of monetary policy and called on all stakeholders to contribute to increasing its use. The seminar also included presentations by economic experts on the importance of the use of the riel and dollarization in Cambodia. The event culminated in a roundtable discussion on progress, challenges, and solutions for strengthening the use of the riel. Overall, the seminar confirmed that the volume of the riel in circulation has steadily increased while maintaining a stable exchange rate. However, some challenges remain, requiring participation from all stakeholders to promote wider use of the riel.
