Phnom penh: The National Bank of Cambodia (NBC) and the United Nations Development Programme (UNDP) in Cambodia have launched a policy brief titled "Dollarisation and Its Effects in the Garment, Footwear, and Travel Goods and Bag Sector in Cambodia" at the Institute of Banking Studies (IBS) in Phnom Penh.

According to Agence Kampuchea Presse, the launching ceremony took place on the occasion of the 46th Anniversary of the Reintroduction of the Khmer Riel held on Mar. 20. NBC Deputy Governor H.E. Yim Leat expressed his appreciation to the UNDP for its contribution in supporting the research and the policy measure recommendations aimed at strengthening the role of the Khmer Riel in maintaining macroeconomic stability and supporting sustainable economic development.

Mr. Enrico Gaveglia, UNDP Resident Representative in Cambodia, remarked that while the influx of Official Development Assistance in the 1990s contributed to dollarisation, the time has come to commit to Cambodia's de-dollarisation efforts. He affirmed that the UNDP will remain active in promoting a wider use of the Khmer Riel in its own operations and encouraged other development partners to follow suit both within and outside the UN system.