Discussion to stop use of US $1, $2 and $5 notes

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lostjeremy
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Re: Discussion to stop use of US $1, $2 and $5 notes

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Re: Discussion to stop use of US $1, $2 and $5 notes

Post by CEOCambodiaNews »

Small US banknotes ‘still valid’
May Kunmakara | Publication date 30 July 2020 | 22:29 ICT

National Bank of Cambodia (NBC) director-general Chea Serey on Thursday stressed that small-denomination US banknotes will remain valid and legal tender in the Cambodian market.

This comes after Japanese-owned shopping mall developer Aeon Mall (Cambodia) Co Ltd announced its decision to stop dispensing $1, $5 and $10 notes from August 1 at its establishments.

Aeon Mall Cambodia said: “We would like to inform valued customers that from August 1 onward, our shopping centres will no longer hand out notes in $1, $5 and $10 denominations and that change will be converted into Cambodian riel.

“We stress that our shopping centres will continue to accept [small-denomination] US-dollar [banknotes] from customers that purchase merchandise in our stores until further notice.”

Serey played down the move, saying it was apparently intended to promote the local currency.

“We cannot force them to hand out small-change banknotes – they should be able to pay with whatever notes they stock. But it is crucial that we continue to promote the wide use of the riel.

“The Japanese have by and large backed the Cambodian currency – undertaking studies on the use of the riel in the Kingdom through Jica [Japan International Cooperation Agency], only accepting riel for visa payments to the Japanese embassy through Aeon Specialised Bank [Cambodia] Plc, and even being the first to include parallel riel prices at its supermarkets in Cambodia,” she said.

However, Serey said financial institutions will be held accountable if they stop accepting valid notes.

Citing Article 64 of the Law on the Organisation and Function of the NBC promulgated in 1996, she said: “Any person who does not accept payment in a currency that is legal tender in the Kingdom shall be liable for a fine of 100 times the amount of the payment.”
https://www.phnompenhpost.com/business/ ... till-valid
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armchairlawyer
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Re: Discussion to stop use of US $1, $2 and $5 notes

Post by armchairlawyer »

No mention of what rate Aeon will apply when dispensing change in KHR and whether it will fluctuate.
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