The exchange rate of the Cambodian riel against the US dollar maintained better stability in 2025 than the past few years, appreciating by more than 1% compared to 2024, according to the National Bank of Cambodia (NBC).
A recent NBC report stated that in 2025, the riel–US dollar exchange rate remained relatively stable, with an average rate of 4,011 riel per dollar. Moreover, it appreciated by an average of 1.5% over 2024 (4,071 riel per dollar), by 2.2% compared to the period during and after the Covid-19 crisis from 2020–2023 (4,101 riel per dollar), and by 1.1% compared to the pre-Covid-19 period from 2016–2019 (4,056 riel per dollar).
“The appreciation of the riel has been mainly supported by increased demand for riel in daily transactions, growth in agricultural production and the rise in riel-denominated payments through electronic systems,” it said,
NBC noted that during the return of migrant workers amid the Cambodia–Thailand border conflict, the central bank maintained the exchange rate between the Thai baht and the riel in line with the market rate, to help protect the interests of workers exchanging baht into riel.
In addition, the NBC has implemented various initiatives, including awareness campaigns on the riel, the Bakong system and KHQR, financial literacy programmes, the exchange of old, worn, or torn banknotes, student presentation competitions on the importance of the riel and short video content competitions.
Economist Hong Vanak from the Royal Academy of Cambodia told The Post that a country’s economic growth depends in part on the stability of its national currency against international currencies.
If exchange rates are unstable, investors may hesitate to invest. He added that strong public confidence in national monetary policy, political stability and steady annual economic growth also contributed to this stability. The value of the riel, he said, is recognised internationally.
“The stability of the riel’s exchange rate against international currencies significantly contributes to promoting the use of the riel in Cambodia, as well as strengthening confidence among foreign investors and in international trade,” he noted.
