Cambodian Prime Minister Hun Sen, on Monday, stated that when Khmer Riel currency is too high, it is not good for 1 million workers whose salary is remunerated in USD, speaking Monday at the inauguration of the first-ever national monetary museum, “Preah Srey Icanavarman Museum” located near the Old Market in Phnom Penh.
Prime Minister urged the National Bank to balance the value of Khmer Riel and USD.
According to the Premier, Khmer Riel value usually increases in March and April before Khmer New Year until August and September that Khmer Riel begins to decrease.
“Khmer Riel plays crucially important role, but we can not immediately end USD. We need time,” stated the Strongman.
Prime Minister Hun Sen, in late February, expressed his satisfaction with the stability of Cambodian currency, the Khmer Riel, speaking in a meeting with approximately 10,000 garment workers in Kandal’s Ang Snoul district.
“Our currency enjoys a stable exchange rate of around 4,050 riel per US dollar, which is a good worth. We want it to be stable like this.”
The Royal Government not only works to promote salary for workers, civil servants, and armed forces, but also prevents inflation to ensure purchasing power.
“It is nonsense to promote salary while price of goods still increases,” said the Premier.
Despite facing global uncertainties, Cambodia’s economy has done well with low inflation, good growth, and a stable exchange rate for the Riel.