Government requires businesses to put price tags in riel

The Ministry of Commerce (MOC) issued a prakas (decree) yesterday requiring all businesses to put price tags on their products and services in riel, in order to boost the use of the local currency. According to the prakas, the government will coordinate with multiple agencies to regularly inspect business operations to make sure that price tags are in place, and properly displayed in riel. While it says any business that does not implement the order will be held responsible by law, the decree failed to provide details on what if any fines could be levied on businesses that do not comply. Soeng Sophary, spokesperson for the MOC, said the regulation applies to all businesses registered with the government, but will exempt small vendors and sellers in local markets. Chea Serey, director general of National Bank of Cambodia, welcomed the decree, saying it is in line with central bank's effort to support the national currency. She added that the decree does not bar individuals from paying in dollars. Ngeth Chou, senior consultant at Emerging Markets Consulting (EMC), said that while the decree was a good idea, the implementation would be a challenge seeing that the government continually failed to even enforce the Traffic Law. (Source: Phnom Penh Post)