The Governor of the National Bank of Cambodia (NBC), H.E. Dr. Chea Serey, has called on the public and businesses to increase their use of the Cambodian riel (KHR) in daily transactions, emphasizing its role in strengthening national identity, monetary sovereignty, and macroeconomic stability.
Speaking at a recent public forum, Dr. Chea Serey reiterated the central bank’s long‑standing policy of “dedollarization” – reducing the economy’s heavy reliance on the US dollar – while promoting the riel as the preferred currency for wages, payments, and savings.
📊 Why Promote the Riel? The Current Situation
Cambodia operates one of the world’s most dollarized economies. Estimates suggest that over 80% of bank deposits and loans are denominated in US dollars, while the riel is used primarily for small‑value, everyday transactions.
| Currency | Typical Use Cases |
|---|---|
| US Dollar | Large purchases, rent, bank deposits, import bills |
| Riel | Street food, small market purchases, salaries, taxes |
The dual‑currency system has brought stability and confidence, but it also carries risks, including:
- Loss of monetary policy autonomy (the NBC cannot print dollars)
- Vulnerability to US interest rate changes
- Erosion of national identity and heritage
🎯 Key Measures to Encourage Riel Use
Governor Chea Serey outlined several ongoing and planned initiatives:
1. Riel Salary Payments for Public Workers
The government already pays civil servants and military personnel in riel. This injects riel into the economy and ensures millions of citizens use the currency regularly.
2. Tax Payments in Riel
All tax payments to the General Department of Taxation must be made in riel (using the official exchange rate set by the NBC). This creates significant demand for the currency.
3. Bakong System & QR Codes
The Bakong blockchain‑based payment system (now also available as Bakong Tourist for visitors) encourages riel‑denominated digital payments. Merchants who display KHQR codes can receive riel directly, and the system automatically converts if needed.
4. Higher Interest Rates on Riel Deposits
Some banks and microfinance institutions offer higher interest rates on riel savings accounts compared to dollar accounts, incentivizing households to save in riel.
5. Awareness Campaigns
The NBC runs public education campaigns highlighting the riel’s role in national sovereignty and the convenience of using local currency for everyday purchases.
🏦 Gradual Dedollarization: A Long‑Term Vision
Dr. Chea Serey stressed that the NBC does not aim to eliminate the dollar overnight. Instead, the central bank follows a gradual, market‑driven approach. The goal is to increase the share of riel in the economy over time – from roughly 10–15% of total currency in circulation to a higher, yet unspecified, target.
Key achievements to date include:
| Indicator | Progress |
|---|---|
| Riel denominated loans | Increased share, especially in microfinance |
| Bakong transaction volume | Growing rapidly, with riel transactions dominant |
| Public acceptance | Higher in rural areas than in urban centers |
🌍 What This Means for Travelers and Investors
For Travelers
- You will receive change in riel when paying with US dollars (e.g., a $10 bill for a $6 meal gives you $4 worth of riel at 4,000 KHR = $1).
- Small vendors may prefer riel; carrying small riel notes (500, 1,000, 2,000, 5,000, 10,000) is helpful.
- The Bakong Tourist app allows you to load money and pay in riel via QR codes – a convenient way to experience the local currency.
For Investors
- Companies paying salaries to Cambodian staff should consider offering riel options (reducing exchange risk for employees).
- Businesses that price goods in both currencies may find an advantage in building customer loyalty.
- Financial institutions and fintech startups have opportunities to develop riel‑denominated products, including digital lending and savings accounts.
🔗 Related Investment & Travel Guides
- How to Start a Business in Cambodia as a Foreigner (2026 Legal Guide)
- Cambodia Foreign Direct Investment (FDI) Trends 2000–2026
- Cambodia Travel Tips for First-Time Visitors
- Cambodia Travel Cost 2026
- Cambodia Visa Guide 2026
❓ Frequently Asked Questions
Is the US dollar still accepted in Cambodia?
Yes, the US dollar remains widely accepted, especially in cities and tourist areas. The NBC encourages riel use but does not ban the dollar.
Can I open a bank account in riel?
Yes, most banks offer riel savings and current accounts. Some also offer riel loans.
What is the exchange rate between riel and dollar?
The official exchange rate is approximately 4,000–4,100 KHR = $1. The rate is stable and set daily by the NBC.
Why does the government want to promote the riel?
To strengthen monetary sovereignty, reduce dependency on the US dollar, and reinforce national identity. It also gives the NBC more tools to manage inflation and interest rates.
📢 Disclaimer
This article is based on information from Khmer Times and public statements by the National Bank of Cambodia as of April 2, 2026. Exchange rates and policies may change. Readers should consult the NBC official website for the most current regulations.
🎯 Final Thoughts
Governor Chea Serey’s call to increase riel use is part of a decades‑long effort to dedollarize Cambodia’s economy. While the US dollar is not disappearing anytime soon, the riel is steadily gaining ground – thanks to digital payments, government salary policies, and public awareness campaigns.
For visitors, using riel for small purchases is easy and helps you experience local culture. For investors, understanding the dual‑currency system is essential for pricing, payroll, and financial planning. The future of Cambodia’s money is increasingly local – and the riel is at the heart of that story.
Source: Khmer Times / National Bank of Cambodia