Cambodia's Central Bank Mandates Free Riel Accounts for Customers

[CAMBODIA NEWS] The National Bank of Cambodia has issued a directive requiring financial institutions to open free Riel accounts for customers, aiming to promote the use of the national currency in payment services.



In a move to boost the use of the Cambodian Riel, the National Bank of Cambodia (NBC) has instructed banks, microfinance institutions, and payment service providers to open Riel deposit and/or payment accounts for customers without charging fees. This directive, issued on September 17, 2024, applies to account opening, closure, and annual maintenance fees for Riel accounts.

The NBC's guidance emphasizes the importance of promoting Riel usage for payment services in Cambodia more effectively and inclusively. Financial institutions are required to comply with the conditions for opening Riel accounts for all customers.

During a press conference on September 17, 2024, Dr. Chea Serey, Governor of the National Bank of Cambodia, reassured the public not to be concerned about the automatic creation of Riel accounts by their banks or microfinance institutions. She clarified that this initiative is part of the NBC's policy and will not incur any fees for customers.

The central bank also plans to introduce a new QR code payment system in the near future. This system will integrate the existing Riel and US dollar QR code systems into a single KHQR Code, further enhancing the efficiency of Riel-based payment services in Cambodia.

its pure communism -i can guarantee ,
they will charge for sure ..
ridiculous - - i’m quitting -ABA. terrible bank

From a legal perspective, I think it's just an obligation and customers are allowed to refuse the offer. This is what I did because the plan is to connect these accounts to government servers to receive live reports of all transactions, just as is done in Scandinavia and other government nanny havens.

newsgatherer wrote: ↑Fri Sep 20, 2024 8:12 am From a legal perspective, I think it's just an obligation and customers are allowed to refuse the offer. This is what I did because the plan is to connect these accounts to government servers to receive live reports of all transactions, just as is done in Scandinavia and other government nanny havens.

Sorry, can you elaborate a bit on this. What do you mean you refuse the offer? Are you "paying" to have a Riel account.

I have both a USD and Riel account at ABA. I don't remember any "offers" to pay or not pay for a Riel account. Same for the USD.

I know there was no opening cost. Can't remember if there is a cost on closing the account.