The Cambodian Government Issues New 200,000 Riel Banknote
The National Bank of Cambodia (NBC) has unveiled a new 200,000 Riel banknote, equivalent to approximately USD 50. This issuance marked the celebration of the 20th anniversary of King Norodom Sihamoni's coronation (October 29, 2004 - October 29, 2024).
According to NBC Governor Chea Serey, the total number of notes to be issued is 20 million (approximately USD 1 billion) and she clarified that this will not affect the total amount of currency in circulation in Cambodia.
The NBC Governor emphasised that these new notes are derived from old and damaged notes collected from the public through NBC branches and from NBC’s ‘Love the Riel’ campaign.
“Normally, when we issue new notes, there is a concern that the NBC or the government lacks funds, which could force us to print new notes. However, I want to assure [the public] that this issuance is simply replacing the old and torn notes that we have collected from circulation,” she said.
She further explained that it is common for notes circulating in the market to become dirty, torn, or damaged when handled with wet hands, exposed to heat, or written on.
The governor added that once the NBC collects these notes, the national bank will determine which can be reintroduced into circulation and which need to be destroyed by cutting into pieces and burning.
“We hope that the public won’t be confused or misinterpret this new note. I encourage everyone to love and use the Riel while maintaining its value,” she emphasised.
Currently, Cambodia circulates various currency notes, including 100,000, 50,000, 30,000, 20,000, 15,000, 10,000, 5,000, and 2,000 Riel, as well as smaller denominations of 1,000, 500, 200, and 100 Riel.
In November 2022, the Cambodian government also issued a sub-decree to officially introduce new 200 Riel and 2,000 Riel banknotes. To promote the use of the Khmer Riel, the national bank has also launched the ‘Love the Riel’ campaign, encouraging the exchange of old and torn Riel banknotes for new ones across Cambodia.
Cambodia Still On Path To Partial Cashless Economy
There has been a concerted effort in digitalisation in the Kingdom, which has seen a rise in cashless payments. These have been driven by NBC’s Bakong app, of which Tomas Pokorny, Board Director & Secretary-General of the Cambodia Association of Finance & Technology (CAFT) said, ““Bakong transactions… rose to USD 55 billion just in the first six months of 2024, which is almost double the size of Cambodia’s GDP… which is very unusual compared to many other countries in the region.”
The Bakong Tourists App was also launched in Q3 2024 to offer seamless digital payments for visitors to the Kingdom.