Cambodia Steps Up De-Dollarisation Efforts in Export Industries

Cambodia Steps Up De-Dollarisation Efforts in Export Industries

PHNOM PENH, March 30, 2026 — Cambodia is stepping up efforts to strengthen the use of its national currency, the riel, with a new policy push targeting key export industries long dominated by U.S. dollar transactions.

The National Bank of Cambodia and United Nations Development Programme on Monday launched a policy brief examining dollarisation and wage payments in the garment, footwear and travel goods sectors — major pillars of Cambodia’s export economy.

The report, unveiled at the Institute of Banking Studies, comes as Cambodia marks the 46th anniversary of the reintroduction of the Khmer riel and seeks to advance gradual de-dollarisation.

NBC Deputy Governor Yim Leat said the initiative aims to strengthen the role of the riel in supporting macroeconomic stability and sustainable development.

UNDP Resident Representative Enrico Gaveglia noted that while foreign aid inflows in the 1990s contributed to widespread dollar use, Cambodia is now entering a new phase focused on expanding riel usage.

“UNDP will remain active in promoting the wider use of the Khmer riel and encourages other partners to follow,” he said.

Cambodia remains one of the most dollarised economies in the world, but authorities have in recent years introduced measures to promote the local currency, including encouraging riel-denominated transactions and payments.

Analysts say increasing riel usage, particularly in wage payments in export sectors, could enhance monetary policy effectiveness and strengthen economic resilience.