NBC to push for local currency use

Sok Nalik / Khmer Times No Comments Share:
A bank teller sorts riel banknotes. Fabien Mouret

The National Bank of Cambodia is set to hold a campaign to promote the use of riel later this month by encouraging people to exchange old or torn banknotes for new ones.

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According to a statement issued on August 30, the National Bank of Cambodia will carry out the campaign to coincide with Pchum Ben from September 16 to 26. The bank will heavily promote the exchange of old or torn banknotes in branches across the Kingdom.

Holders of torn riel notes can visit any branch, except its head office in Phnom Penh, to change notes.

Exchanging old banknotes is accepted at the bank year-round. However, the practice is not commonly known by the public.

Meanwhile, less than pristine banknotes are sometimes refused at cashiers in the Kingdom, leading to holders of ruined notes to not use their currency.

Bun Mony, deputy chairman of Cambodia Microfinance Association, yesterday welcomed the announcement, saying that it will encourage a wider use of the local currency.

“We do encourage our people to use riel as it is our currency,” Mr Mony said.

Ouk Sovanlyda, a student at the Royal University of Phnom Penh, said that the campaign will also help people who are hesitant about using their torn banknotes.

She added that the campaign will reassure people to be more comfortable about using riel.

“It is good information for people who have torn banknotes and are unsure about using it,” she said. “Sometimes torn banknotes or old banknotes are refused.”

“So, with the campaign, people can exchange them at NBC,” Ms Sovanlyda added.

Im David, a student at the Royal University of Law and Economic, praised the bank’s initiative in supporting the use of the local currency.

“Allowing people to exchange torn or old money means that the money will not be wasted,” Mr David said.

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