Naron calls for stronger Riel use to reinforce national identity, reduce dollar reliance

Naron calls for stronger Riel use to reinforce national identity, reduce dollar reliance

Hang Chuon Naron, Deputy Prime Minister and Minister of Education, Youth and Sports (MoEYS), called for wider use of the Riel currency, underscoring its role not only as a national symbol but as a strategic economic tool to strengthen Cambodia’s financial resilience and reduce long-term dependence on the US dollar.

His remarks were made during an interview with a local media on the ‘Riel Currency Learning Programme’, which was posted on the MoEYS official Facebook page on January 1.

Naron said the Riel currency should be promoted by citizens themselves because it reflects the nation’s territorial integrity, with banknotes featuring portraits of former King Norodom Sihanouk, Queen Mother Norodom Monineath Sihanouk, King Norodom Sihamoni and landmark temples symbolising Cambodian heritage.

The Deputy Prime Minister noted that MoEYS has issued instructions to educational institutions to encourage the use of the national currency, a move that received positive feedback from students and administrators who recognise its cultural value.

He stressed that beyond national identity, wider Riel usage is crucial for strengthening Cambodia’s economic foundations, enabling more effective monetary policy, enhancing price stability, and reducing the country’s vulnerability to external financial shocks.

However, he acknowledged persistent implementation challenges. “While schools collect revenue in Riel, many expenses, including equipment purchases, utilities and service fees, continue to be priced in US dollars,” he noted.

The Deputy Prime Minister stressed that this mismatch creates friction and highlights gaps in the system that make full adoption difficult and uneven.

“To ensure fairness, transparency and effective implementation, everyone must conduct business operations in national currency,” he said, pointing out that broader usage will help balance market practices and support confidence in the Riel.

He explained that although the Riel has maintained solid stability over the past two decades, its value remains more consistent only in high-end markets, while local markets see fluctuations driven by seller preferences.

Naron emphasised that price tags should be set in Riel regardless of transaction size to reduce unnecessary currency exchanges and build everyday familiarity.

He added that reducing reliance on cash and advancing digital payments would support a cleaner, more traceable economy while increasing long-term use of the Riel across sectors, including trade and services.

He said that if citizens clearly understand the currency’s value and future business activities, including imports and exports, gradually shift to the Riel, Cambodia can effectively curb dollarisation, preserve monetary sovereignty and maintain national economic stability.

“The best way to promote the Riel at this time is to continue educating the public, inspire a love for the Riel and reinforce patriotism,” the Deputy Prime Minister said, adding that the currency’s strength will grow only when economic habits evolve alongside national pride.

khmertimeskh