Publication

This paper analyzes the reasons for Cambodia's failure to establish a solid and stable economy, and focuses on the fact that Cambodia is the only country in the world ever to have abolished the use of money. It states that although the reissued Cambodian riel has been in circulation for almost two decades, Cambodians remain distrustful of it and regularly convert their riel into gold, jewelry, or US dollars. The author argues that this practice perpetuates the ineffectiveness of Cambodia’s financial institutions and suggests that in order to boost development, Cambodia needs to adopt a strong single currency.