Time to ride the riel economic wave

Cambodia can open itself to almost limitless possibilities if the riel replaces the US dollar as the main medium of exchange in the nation’s economy.

Economic realities and national sovereignty should take precedence in a fast changing world that requires dynamism and a flexible economy to keep pace with the rest.

And the riel is a critical catalyst to energise the fast-paced economy and gives the national currency its due recognition and a legitimate place in the financial sector.

While the US dollar’s hegemony played a vital role in Cambodia’s history, the riel-US combo have really propped up growth and stability of the once nascent economy and transformed the Kingdom into a respected free-market enterprise in the world.
Cambodia’s economic contours have changed and will continue to change, undoubtedly.

With a steady growth rate of 7.7 per cent between 1995 and 2017, the Kingdom outpaced many regional economies to become the sixth fastest growing economy in the world, according to the World Bank.

The nation’s gross national income per capita swelled to $1,230 in 2017 due to the sizzling growth rate that eventually helped push the country to the lower middle-income status bracket.

Well-calibrated pragmatic policies liberated millions from the shacklesof abject poverty, provided livelihood opportunities and managed to tame the poverty level to a mere 13 per cent.

But, global accolades are difficult to come by for such achievements.  

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