Celebrating a fascinating year in the history of the Khmer Riel
There is no doubt that the past few years have been economically challenging both here in the Kingdom and around the world. The global pandemic has affected us all; depressing economic output, slowing growth and introducing inflationary pressures in economies all over the world.
In difficult times like these, strong leadership is required – alongside an unwavering commitment to long-term goals and a fearless appetite for innovation.
A digital future
As the Kingdom celebrates the 43rd anniversary of the reintroduction of the Khmer Riel, we’re keen to pay tribute to the National Bank of Cambodia (NBC) for the innovative way it has evolved the national currency in the year past. Thanks to the NBC’s Bakong initiative, the Riel has taken a huge step into the digital future, creating universal access to electronic transactions and making it easier than ever for Cambodians to manage their daily finances in their own national currency.
The significance of Bakong and the convenience of using KHQR cannot be underestimated and, as a bank that has again increased its long-term commitment to the Kingdom, BRED Bank Cambodia is delighted to be an active participant in the scheme.
“Our bank is absolutely committed to the Riel,” says CEO, Nicolas Hollanders. “We have always reserved our best lending and saving rates for customers who choose the national currency.”
“It’s really encouraging to see the growth in usage across Cambodia – and in our bank. We’re delighted to have signed up to the Bakong initiative and, through the popularisation of KHQR, we believe it will have a significant impact on the local economy.”
BRED Group has recently extended its commitment to the Kingdom, increasing the bank’s capital reserves, boosting its expansion plans and increasing its ability to lend into the market.
“We want local and international businesses here in Cambodia to see us as the best bank for business in the Kingdom. We want them to know that we’re here for the long term, here to support them with their ambitions and back them every step of the way,” says Nicolas Hollanders. “Providing financial support in the form of Riel-denominated loans is very much part of that. Sure, we have a target set by the National Bank but we’re always keen to exceed that because that, in itself, is an indicator of the strong growth economy we all want for Cambodia.”
As BRED Bank Cambodia forges ahead with its growth plans (recent branch openings include Kampong Cham Province and Kampuchea Krom with further expansion planned this year) it’s clear there’s a strong sense of optimism for the future of the Cambodian economy – and its currency. “BRED Group has made a strong commitment to Cambodia because we truly believe in the potential of the nation and its economy,” says Nicolas Hollanders.
“As we celebrate the 43rd anniversary of the reintroduction of the Riel, we believe that the currency has a bright future ahead in an increasingly digital world. The NBC has made a smart and wise move to place the Riel at the heart of a digital future. They’ve made it attractive and accessible to all and that can only be good for Cambodia and its economy.”