Cambodian Traders urged to use riel

[geovalin]

In an effort to boost the use of the riel, private companies have called on the National Bank of Cambodia (NBC) to ensure that all goods worth less than $100 are priced in riel. Lim Heng, vice president of the Cambodia Chamber of Commerce, said at the NBC’s 37th anniversary of the introduction of the riel yesterday that the currency plays a crucial role in the economy and in reducing poverty.
 

He said national and foreign currencies were mixed up in investment, trade and goods transactions creating confusion in the economy. Mr. Heng said financial institutions, companies and small and medium-sized enterprises, mostly in the cities, continue using foreign currency.
 

He said US dollars were used mostly for imports and exports because the economy depends on foreign investment and the import of raw materials. The riel, he added, is seen as for small transactions.

 

read more http://www.khmertimeskh.com/news/36683/traders-urged-to-use-riel/

 

 

-- © Copyright Khmer Times 21/03

[Ulic]

USD for the bulk of all transactions,  riel for the change. Nobody wants riel for even small transactions

like taxi fare.

[mrdome]

Still, while the US$ strengthened since the US elections the KHR beat that hands down and appreciated even more. Sweet times for those invested in it and getting the higher interest rates for KHR.

 

I wouldn't put it past the government to force people to use riel more and strengthen that trend.