Thailand
Cambodia: Riel Day 2022 reiterates significance of nat’l currency
The 42nd anniversary of the reintroduction of the Riel, organised by the National Bank of Cambodia (NBC), was held yesterday at the Chip Mong Mall Sen Sok and was celebrated to raise public awareness about the history and importance of the currency.
Riel Day 2022 will also be held consecutively in four provinces – Kampong Thom, Kampong Cham, Kampot, and Battambang.
To showcase the history and development of Riel, NBC held an exhibition on the ground floor of the mall, displaying a timeline of its development alongside a collection of historical coins and banknotes.
Sum Sannisith, NBC Deputy Governor, who was the guest of honour, reminded the crowd of how the Riel helped improve the lives of Cambodians after the fall of the Khmer Rouge and its reintroduction in 1980.
There were many fun and educational activities, including musical performances, Q&As, videos, and electronic games relating to Riel and Cambodia’s economy.
Adam Lee, Head of Marketing from Sathapana Bank, told Khmer Times: “We are very supportive of NBC in promoting the awareness of the Riel, and one of the things that we are pushing is the importance of savings and knowing more about the Riel. The whole goal for the bank’s participation here is to have a conversation about Riel. The dollar has a dominant use in Cambodia, but it is important to have Riel as the national currency, not only because it’s what will make the economy, but it’s also part of our cultural identity.”
As the NBC Director-General, Chea Serey, pointed out during a tour of the event, connecting with young people and educating them about Riel usage and its history is critical in the drive for Riel promotion. Lee sees NBC’s Bakong QR system as another tool to teach young people about the Riel.
“When the Bakong QR is fully integrated as a KHQR, you can make payments anywhere. It helps a lot because you can then make payments in USD or Riel. Sometimes it makes sense to make it in Riel, and here it comes down to education of usage. In the digital world, it’s much the same because they’re just figures, which is all the more reason why we have to ensure new generations of users don’t forget the historical importance of the Riel,” he said.
Phal Vandy, Secretary-General of Cambodia Microfinance Association, CMA, said, “We believe Khmer Riel is a symbol of our nation. It has played a significant role in improving society as a whole in the last 42 years.
“The central bank requires each institution to provide at least 10 percent of its portfolio in Riel, and in the last count, CMA’s members have gone further, achieving 20 percent lending. For the future, we believe the percentage of lending needs to be improved, as well as increasing saving deposits in Riel, and promoting awareness for the general population and promoting the use of Riel, from the smallest to the biggest transactions,” he said
He also gave an example of how the Riel strengthened recently. “Against the impact of Covid-19 we increased our use of Riel, allowing the economy to depend on it more for all of our transactions, thereby increasing its resilience,” he said, adding, “It’s beyond symbolic. The Riel plays a role in creating economic resiliency, and it’s important that people use it, so that’s why we do this work of awareness-raising today. We’re also positive with CMA’s discussions with the central bank on the next steps and the positive results of the introduction of the Bakong payment system.”
Source: https://www.khmertimeskh.com/501044676/riel-day-2022-reiterates-significance-of-natl-currency/