PHNOM PENH, April 30 (Xinhua) -- National Bank of Cambodia (NBC) Deputy Governor Yim Leat on Wednesday called for the broader use of local currency Riel (KHR) in the domestic economy.
He said the use of Riel currency has contributed to financial independence, making the economy less vulnerable to external shocks, stabilizing prices, and controlling inflation effectively.
"I would like to urge ministries, institutions, factories, companies, enterprises, and banking and financial institutions, as well as ordinary people to increase their use of Riel currency," he said at a seminar on the promotion of Riel in southern Takeo province, and a copy of his speech was released to the media.
He also appealed to people to make payments in Riel, to put price tags on products in Riel, and to save in Riel.
Leat said that although the value of Riel has remained stable, with an average value of about 4,050 Riel against 1 U.S. dollar over the last two decades, the use of the U.S. dollars has not yet declined, especially in the capital Phnom Penh and urban areas in provinces. ■
