Currency substitution

And if businesses are going to borrow in real, they need confidence that suitable financial products will remain available.

De-dollarization is not simply a campaign to change consumer preferences, it is also a project to build domestic financial institutions capable of supporting those preferences.

The IMF reiterated these priorities in September 2026, recommending deeper interbank markets, improved liquidity operations and stronger transmission of monetary policy in riel.

It also advised maintaining a broadly stable riel-dollar exchange rate as Cambodia's main nominal anchor.