Cambodian riel
| Riel | |
|---|---|
 |
|
| Country: |
 Cambodia
|
| Subdivision: | Sen (historical) |
| ISO 4217 code : | KHR |
| Abbreviation: | ៛ , KHR, CR |
|
Exchange rate : (29 Mar 2020) |
1 EUR = 4,499.9 KHR 1 CHF = 4,186 KHR |
The Riel or Khmer-Riel ( Khmer រៀល ) has been the currency of Cambodia since 1956 . The official abbreviation according to ISO 4217 is KHR . The currency was first introduced after independence in 1953. Money was abolished in Cambodia during the rule of the Khmer Rouge . After the end of the regime, the Riel was renewed in 1980, but suffered from a permanent loss of confidence in the population.
The Cambodian name Riel means “little fish” in German and refers to the anchovy-like fish that are only a few centimeters in size and occur in the billions in the Mekong and Tonle Sap. In Cambodia, for example, you get a bowl of rice for 100 small fish.
The riel is regularly only used as a means of payment in local trade, while the US dollar is mainly used for larger businesses or in tourism .
Since 2007 the Sam Rainsy party and the politician Tioulong Saumura have been making increased efforts to curb the use of the US dollar as a means of payment in Cambodia and to force the riel. In this context, the government is keen to process fee payments from official bodies and tax payments in Riel. The main argument of the proponents of “de-dollarization” is the fact that the US dollar is the common currency in the international drug and arms trade , money laundering and terrorism. On the other hand, security against inflation and thus a greater willingness to invest from abroad speak in favor of the dollar.
The inflation rate in Cambodia was around 4% from 2011 to 2015.
Coins and banknotes
Coins: Although small numbers of coins were minted again after the currency was reintroduced (the last time in 1994 with 50, 100, 200 and 500 riel each), these are no longer in circulation in payment transactions.
Banknotes: These exist in values of 50 (rare), 100, 200 (very rare), 500, 1,000, 2,000, 5,000, 10,000, 20,000, 50,000 and 100,000 (about 25 US dollars) Riel.
In October 2019, a new banknote worth 15,000 riels was issued.
Banking in Riel
The riel is quasi pegged to the US dollar, the rate is around 4,000 riel for 1 US dollar, with a very low fluctuation range (around 2% in the years 2011 to 2015), but it is not freely convertible and will not be used traded in international money markets.
The interest rates for fixed deposit accounts in Riel at Canadia Bank are up to 6.5% per year for 2 years. Shorter terms are also available and come with attractive interest rates.
Other banks, e.g. B. Sathapana Bank , sometimes offer even better interest rates and longer terms. Monthly interest payments are also possible.
The Cambodian Canadia Bank has been offering online banking since 2014. The scope of services includes the opening and closing of fixed-term deposit accounts, in addition to US dollars also in Riel, the transfer of money between the currency accounts of the same account holder, and national and international bank transfers. The required transaction numbers are sent via SMS or via a token generator using the one-time password (OTP) method for worldwide use.
In the meantime, a large number of other banks also offer online banking, also via corresponding banking apps.
Museum of Money and Economy
The SOSORO Museum, which opened in 2019 near Wat Phnom Roundabout in Phnom Penh, shows an extensive exhibition on the history of the local currency, the riel, and the economy of Cambodia.
Web links
- National Bank of Cambodia overview of circulating Riel banknotes
- Images of Riel banknotes
- The banknotes of Cambodia
Individual evidence
- ↑ Pratu Namo (2007): Cambodia: Riel instead of dollar . In: Pratu Namo . July 23, 2007.
- ^ Wall Street Journal : The Cambodian Case for Dollarization , Feb.15 , 2011
- ↑ Trading Economics: Chart inflation rate Cambodia
- ↑ National Bank of Cambodia: Overview of Riel Banknotes in Circulation , accessed October 8, 2019.
- ↑ The Phnom Penh Post , Khorn Savi: New note to mark King's coronation , October 7, 2019, accessed October 8, 2019
- ↑ comdirect Bank AG: 5-year price chart US dollar - Riel
- ↑ Canadia Bank: Fixed- term interest rates for terms of 1 to 24 months in US dollars, Riel, Thai-Bath and Chinese-Yuan-Renminbi
- ↑ Canadia Bank: Canadia Bank internet banking
- ↑ SOSORO Museum website , accessed on October 8, 2019
