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Cambodian riel
The riel (/riˈɛl/; Khmer: រៀល, romanized: riĕl [riəl]; sign: ៛; code: KHR) is the currency of Cambodia. There have been two distinct riel, the first issued between 1953 and May 1975. Between 1975 and 1980, the country had no monetary system. A second currency, also named "riel", has been issued since 20 March 1980. Since the late 1990s, the riel has had an unofficial fixed exchange rate of 4,100:1 with the United States dollar, Cambodia's second de facto currency for commercial transactions.
Popular belief suggests that the name of the currency comes from the Mekong river fish riĕl ("small fish" in Khmer). It is more likely that it derives from the high-silver content Spanish-American dollar, whose value is eight reales, a coin widely used for international trade in Asia and the Americas from the 16th to 19th centuries.
In rural areas the riel is used for virtually all purchases, large and small.[citation needed] However, the United States dollar is also used, particularly in urban Cambodia and tourist areas.[citation needed] In areas near the Thai border, the Thai baht is also accepted.[citation needed]
Dollarization started in the 1980s and continued to the early 90s when the United Nations contributed humanitarian aid, refugees began sending remittances home, and inflation as high as 177% per year eroded confidence in the riel.[citation needed] From 1991 to 1993, the United Nations Transitional Authority in Cambodia stationed 22,000 personnel throughout Cambodia, whose spending represented a large part of the Cambodian economy.[citation needed]
While the riel remains in common use in the provinces, the major cities and tourist areas heavily use the U.S. dollar. The latter is dispensed in ATMs, accepted in virtually all purchases, and USD quotations are required to price hotel rooms, airline tickets and significant financial transactions. The exchange rate of 4,000 KHR/US$ is widely known and employed frequently in retail trade, with riel paid out for change in fractions of a dollar.
In June 2020, the National Bank of Cambodia announced the phaseout from wide circulation of small U.S. dollar banknotes of $1, $2 and $5. This is aimed at reducing the cost of keeping the smaller US notes in circulation, as well as increasing the use of the riel in lieu of these notes. No fees were to be charged to collect these small notes before 31 August 2020, but after that date banks were expected to incur costs of transporting these notes.
Prior to the year 1875, the tical was the currency of Cambodia as well as Siam and Laos. However, as a result of French intervention in the region, the tical in Cambodia was replaced in 1875 by the Cambodian franc.
The franc was the currency of Cambodia between 1875 and 1885. It was equal to the French franc and was similarly subdivided into 100 centimes. It replaced the tical and was replaced by the piastre.
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Cambodian riel
The riel (/riˈɛl/; Khmer: រៀល, romanized: riĕl [riəl]; sign: ៛; code: KHR) is the currency of Cambodia. There have been two distinct riel, the first issued between 1953 and May 1975. Between 1975 and 1980, the country had no monetary system. A second currency, also named "riel", has been issued since 20 March 1980. Since the late 1990s, the riel has had an unofficial fixed exchange rate of 4,100:1 with the United States dollar, Cambodia's second de facto currency for commercial transactions.
Popular belief suggests that the name of the currency comes from the Mekong river fish riĕl ("small fish" in Khmer). It is more likely that it derives from the high-silver content Spanish-American dollar, whose value is eight reales, a coin widely used for international trade in Asia and the Americas from the 16th to 19th centuries.
In rural areas the riel is used for virtually all purchases, large and small.[citation needed] However, the United States dollar is also used, particularly in urban Cambodia and tourist areas.[citation needed] In areas near the Thai border, the Thai baht is also accepted.[citation needed]
Dollarization started in the 1980s and continued to the early 90s when the United Nations contributed humanitarian aid, refugees began sending remittances home, and inflation as high as 177% per year eroded confidence in the riel.[citation needed] From 1991 to 1993, the United Nations Transitional Authority in Cambodia stationed 22,000 personnel throughout Cambodia, whose spending represented a large part of the Cambodian economy.[citation needed]
While the riel remains in common use in the provinces, the major cities and tourist areas heavily use the U.S. dollar. The latter is dispensed in ATMs, accepted in virtually all purchases, and USD quotations are required to price hotel rooms, airline tickets and significant financial transactions. The exchange rate of 4,000 KHR/US$ is widely known and employed frequently in retail trade, with riel paid out for change in fractions of a dollar.
In June 2020, the National Bank of Cambodia announced the phaseout from wide circulation of small U.S. dollar banknotes of $1, $2 and $5. This is aimed at reducing the cost of keeping the smaller US notes in circulation, as well as increasing the use of the riel in lieu of these notes. No fees were to be charged to collect these small notes before 31 August 2020, but after that date banks were expected to incur costs of transporting these notes.
Prior to the year 1875, the tical was the currency of Cambodia as well as Siam and Laos. However, as a result of French intervention in the region, the tical in Cambodia was replaced in 1875 by the Cambodian franc.
The franc was the currency of Cambodia between 1875 and 1885. It was equal to the French franc and was similarly subdivided into 100 centimes. It replaced the tical and was replaced by the piastre.