Why Cambodia's PM is talking about accepting dirty, torn and old US banknotes
4 months, 3 weeks ago

Why Cambodia's PM is talking about accepting dirty, torn and old US banknotes

Firstpost  

Recently, Cambodia’s Prime Minister Hun Manet suggested that the country might soon permit accepting old, dirty, or slightly torn US dollar banknotes more widely without any charges or penalties to facilitate the spending of them by tourists. His comments come at a time when the government is making efforts to phase out small US dollar denominations such as $1 and $5 bills while promoting the use of its own currency riel for day-to-day transactions While the American currency remains important for international trade, calls for Cambodia to move towards using its currency have been increasing over the years, while reducing dependence on dollars.Image for Representation. Reuters Cambodia’s Prime Minister, Hun Manet, recently suggested that the country might soon start accepting old, dirty, or slightly torn US dollar bills more widely, after running a successful pilot project in one of the provinces. Earlier this month, Siem Reap province began accepting worn-out US dollar banknotes after the National Bank of Cambodia mandated that all commercial banks accept them without charging any fees.

Discover Related