Cambodia Still Unable to ‘De-Dollarize’

Currency trader counts Cambodian money, the Riel, to exchange with U.S. dollars from a customer at a money exchange stall on a roadside in the capital. (Photo: AP)

Ros Sothea, VOA Khmer
Phnom Penh
Wednesday, 07 July 2010

After nearly a decade of government efforts to de-dollarize its economy, Cambodia remains one of the most heavily dollarized economies in the world.

The greenback is used in nearly 90 percent of transactions, alongside the riel, and experts say this won’t change without more administrative reform.

Meanwhile, people’s trust in the riel has been shaken by recent inflation, making the dollar, which was introduced during the UN’s rebuilding efforts, more attractive.

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