Use of Riel increases significantly, says central bank

Breaking news from Cambodia can be found here. CEO often finds Khmer news and translates it into English for our readers if it is interesting to expats, locals, Cambodians living abroad and anyone who wants to stay informed of the latest local and international news stories about Cambodia and our neighbors in South East Asia. There are many sources for Khmer news articles and they can all be found here in one place. Most of the media comes out of Phnom Penh, Siem Reap or Sihanoukville, but we cover national Cambodian news from all provinces.
User avatar
Kung-fu Hillbilly
Expatriate
Posts: 3191
Joined: Sat May 17, 2014 11:26 am
Reputation: 3318
Location: Behind you.
Australia

Use of Riel increases significantly, says central bank

Post by Kung-fu Hillbilly »

Image
Image: Khmer Times

21 Jan 2020

The National Bank of Cambodia (NBC) has stated that there has been a remarkable increase in the use of Riel, the national currency, with a 33 percent growth recorded in monetary circulation and a 37 percent growth in deposits.

Chea Chanto, Governor of NBC, in stating this added that the banking sector has continued to make progress and gained confidence from the public and investors. The active assets of banking and financial institutions increased by 24.5 percent, while loans had increased by 26 percent

There are now more than 7.5 million deposit accounts and 3.1 million loan accounts in Cambodia. While an astonishing five million Cambodians use e-payment services.

Currently, there are 30 different Riel banknotes, of which a commemorative one of 15,000 Riel, two for 100,000 Riel; three for 50,000 Riel; two for 20,000 Riel; three for 10,000 Riel; three for 5,000 Riel; three for 2,000 Riel; five for 1,000 Riel; three for 500 Riel; one for 200 Riel, three for 100 Riel, and one for 50 Riel.

https://www.khmertimeskh.com/50681857/u ... ntral-bank
The idea that seeing the world is going from place to place to look at obvious things is an illusion natural to dull minds.
User avatar
lostjeremy
Expatriate
Posts: 375
Joined: Thu Feb 25, 2016 7:00 pm
Reputation: 164

Re: Use of Riel increases significantly, says central bank

Post by lostjeremy »

In all my years here I've still never seen a 50R note.

And I'm at the bank at least twice a week and usually only see US dollars being given or taken. I think if there was a 400,000r or 500,000r note comparable with a $100 note it would be used more.

If you've spent time at an ABA deposit atm machine and watch the ungodly amount of $100 bills being pumped into them non stop you understand.

Sent from my CPH1823 using Tapatalk

frizzie77
Expatriate
Posts: 378
Joined: Fri May 31, 2019 10:22 pm
Reputation: 220
Cambodia

Re: Use of Riel increases significantly, says central bank

Post by frizzie77 »

I've seen lots of 50R notes, but that was more than 10 years ago. I thought they were taken out of circulation around that time, but according to the bank's website they're not. Strange, as indeed since then I've not seen one.

Oh wait, the Central Bank also claims there are coins in circulation (https://www.nbc.org.kh/english/about_th ... lation.php), so not exactly reliable...
Last edited by frizzie77 on Tue Jan 21, 2020 3:47 pm, edited 1 time in total.
User avatar
John Bingham
Expatriate
Posts: 8675
Joined: Sun Dec 07, 2014 11:26 pm
Reputation: 4378
Burkina Faso

Re: Use of Riel increases significantly, says central bank

Post by John Bingham »

The useless 50 Riel note was around for a short period in about 2006, the only place I remember getting them was in change in supermarkets - then they went straight in the drawer. As for 100,000 notes, I've had just one single one in my entire time here.
Silence, exile, and cunning.
hunter8
Expatriate
Posts: 689
Joined: Sun Oct 27, 2019 7:23 pm
Reputation: 230
Cambodia

Re: Use of Riel increases significantly, says central bank

Post by hunter8 »

An average lifetime of a banknote is 6 months. If they are not constantly replaced, after one year they will be a rare sight. 50r may still exist in law but new ones are not printed.
Mishmash
Expatriate
Posts: 1949
Joined: Tue Nov 14, 2017 7:34 pm
Reputation: 1145
Cambodia

Re: Use of Riel increases significantly, says central bank

Post by Mishmash »

When Gasoline is 3650 or 3750 a litre, and you top up an odd amount of liters, then they DO have a 50 in case you ask.

My son has cottoned on to the fact they are useless, but my daughter hasn't....
Post Reply Previous topicNext topic
  • Similar Topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: Bing [Bot], cptrelentless, Element6, Ghostwriter, jaynewcastle, Jlucas, Majestic-12 [Bot], paul2d, phil, siliconlife, Tommie and 588 guests