PHNOM PENH — In a move that underscores a tightening grip on macroeconomic stability, Cambodia added a net one tonne of gold to its national reserves in February 2026. While the National Bank of Cambodia (NBC) views this as a calculated hedge against geopolitical fragmentation, the move comes amid a broader debate over the opportunity costs of holding non-yielding assets in a volatile global economy.
A Global Trend of Central Bank Accumulation
According to the latest Central Bank Gold Statistics released on April 2, Cambodia’s acquisition was part of a global momentum where central banks purchased a net 19 tonnes in February. Leading the charge was Poland with 20 tonnes, while traditional heavyweights like Russia and Turkey became net sellers.
This repositioning of foreign exchange reserves highlights a strategic shift among emerging markets. However, some independent financial analysts caution that while gold offers safety, it lacks the interest-bearing benefits of Treasury bonds or other productive investments.
The Macroeconomic Shield vs. Market Risk
Hong Vannak, an economic researcher at the Royal Academy of Cambodia, defends the purchase as a defensive posture. “Gold remains a ‘safe-haven’ asset,” Vannak noted. “By maintaining substantial gold reserves, the government can effectively deal with inverse fluctuations of the US Dollar to maintain price stability.”
Yet, not everyone shares this singular vision. An independent financial consultant based in Phnom Penh, speaking on condition of anonymity, noted that gold’s volatility can be a double-edged sword. “Gold hit record highs recently, but if prices correct sharply, the valuation of national reserves takes a direct hit. There is also the ‘carry cost’—gold pays no dividends or interest, unlike foreign currency deposits.”
For a heavily dollarized economy, the National Bank of Cambodia (NBC) remains in a delicate balancing act. Maintaining the Riel’s stability requires a mix of liquid cash and hard assets, but the ratio remains a subject of quiet debate among local economists.
Growth in National Holdings
According to the World Gold Council, Cambodia held 54.43 tonnes of gold in the fourth quarter of 2025—a significant leap from its historical average of 22.16 tonnes. This buildup reflects a long-term strategy to bolster financial sovereignty.
As the Cambodia Economy Outlook 2026 suggests, the Kingdom is navigating a complex recovery. Whether this gold-buying trend continues will depend on the NBC’s appetite for further diversification and the global trajectory of gold prices.
🙋 FAQ: Cambodia’s Gold Reserves
Q: Why buy gold if it doesn’t earn interest? A: Gold is primarily for “Insurance,” not “Profit.” While it doesn’t earn interest, it protects the national wealth from a total collapse of fiat currencies or extreme geopolitical sanctions.
Q: Does gold buying mean the Riel is in trouble? A: Not necessarily. It is a sign of “Macroeconomic Housekeeping.” By increasing gold reserves, the NBC strengthens its ability to intervene in the market to support the Riel when the US Dollar fluctuates.
Q: What happens if gold prices drop globally? A: The paper value of Cambodia’s reserves would decrease. This is why most analysts suggest a “Balanced Portfolio” of gold, foreign currencies, and SDRs to spread the risk.