Cambodian riel

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Cambodian riel
រៀល (Khmer)
[[Image:|126px|The front of a 100,000 riel banknote.]] The front of a 500 riel coin.
The front of a 500 riel coin.
ISO 4217 Code KHR
User(s) Flag of Cambodia Cambodia
Inflation 4.7%
Source The World Factbook, 2006 est.
Subunit
1/10 kak
1/100 sen
Symbol
Coins
Rarely used 50, 100, 200, 500 riel
Banknotes
Freq. used 100, 200, 500, 1000, 2000, 5000, 10 000 riel
Rarely used 50, 20 000, 50 000, 100 000 riel
Central bank National Bank of Cambodia
Website nbc.org.kh

The riel (Khmer: រៀល, Symbol ៛) is the currency of Cambodia. There have been two distinct riel, the first issued between 1953 and May 1975, and the second since April 1, 1980. In Cambodia, the U.S. dollar is also widely used.[1][2][3] Between 1975 and 1980, the country had no monetary system. See History of Cambodia.

For earlier Cambodian currencies, see Cambodian tical and Cambodian franc.

Contents

[edit] First riel, 1953-1975

In 1953, the Cambodia branch of the Institut d'Emission des Etats du Cambodge, du Laos et du Vietnam issued notes dual denominated in piastre and riel. At the same time, the two other branches had similar arrangement with the đồng in South Vietnam and the kip in Laos. The riel was at first subdivided into 100 centimes (abbreviated to cent. on the coins) but this changed in 1959 to 100 sen (សេន). For the first few years, the riel and piastre circulated alongside each other. Indeed, the first riel banknotes were also denominated in piastres.

[edit] Coins

The 10, 20 and 50 centime of 1953 and sen coins were minted in aluminium and were the same size as the corresponding att and xu (su) coins of Laos and South Vietnam (though without the holes in the Lao coins). A 1 riel coin about the size of a U.S. nickel was to be issued in 1970 but was not released, perhaps due to the overthrow of the government of Norodom Sihanouk by Lon Nol.

[edit] Banknotes

Following the first issue of banknotes denominated in both riel and piastres (which closely matched those of Laos and South Vietnam), a truly independent riel was issued by the National Bank of Cambodia in 1955. Cambodia issued several series of notes in denominations of 1, 5, 10, 20, 50, 100 and 500 riel. Banknotes of 1000 and 5000 riel were printed but not issued for circulation. (The 5000 riel note has only recently come to light. [4]) The designs included many themes of Cambodian life, history and mythology.

[edit] The Khmer Rouge, 1975-1980

Although the Khmer Rouge printed banknotes (denominations of 0.1, 0.5, 1, 5, 10, 50 and 100 riel, dated 1975) these notes were not issued as money was abolished after the Khmer Rouge took control of the country.

[edit] Second riel, 1980-

After the Vietnamese invasion in 1978, the riel was re-established as the Cambodian currency on April 1, 1980, initially at a value of 4 riel = 1 U.S. dollar. It is subdivided into 10 kak (កាក់) or 100 sen. Because there was no money for it to replace and a severely disrupted economy, the central government gave away the new money to the populace in order to encourage its use.

In rural areas the riel is used for virtually all purchases, large and small. However, the US dollar is also used, particularly in urban Cambodia and tourist areas. In Battambang and other areas near the Thai border, like Pailin, the Thai baht is also accepted.

[edit] Coins

The first coins were 5 sen pieces, minted in 1979 and made of aluminium. No more coins were minted until 1994, when denominations of 50, 100, 200, and 500 riel were introduced. However, these are no longer commonly found in circulation.

Various riel notes from 2000
Various riel notes from 2000

[edit] Banknotes

Banknotes were issued in 1980 in denominations of 1, 2 and 5 kak, 1, 5, 10, 20 and 50 riel. In the 1990's they issued higher denomination notes as the Asian economy collapsed. The 50, 100, 200, 500, 1000 and 2000 were printed, however not all were issued. Later issues of banknotes from mid 1995 went up from 100 to 100,000 riel. However notes above 10,000 riel are less common.

The most recent series of banknotes, gradually introduced through 2001 and 2008, consists of 50 (2002), 100 (2001), 500 (2002, 2004), 1000 (2005, 2007), 2000 (2007), 5000 (2001, 2002, 2004), 10,000 (2001, 2005), 20,000 (2008) and 50,000 (2001) riels.

Current KHR exchange rates
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[edit] See also

[edit] References

  1. ^ Chinese University of Hong Kong. Historical Exchange Rate Regime of Asian Countries: Cambodia. Retrieved on 2007-02-21.
  2. ^ Kurt Schuler. Tables of Modern Monetary History: Asia. Retrieved on 2007-02-21. “The US dollar also circulates freely”
  3. ^ frizz restaurant in Cambodia. Cambodia Practical: money, ATM, transport, cheap flights. Retrieved on 2007-02-21.
  4. ^ Nachthun's World Paper Money.

[edit] External links

First riel
Preceded by:
French Indochinese piastre
Location: French Indochina
Reason: independence
Ratio: at par
Note: piastre not used in self-declared North Vietnam since 1946		 Currency of Cambodia
1953 – 1970
Note: transitional notes dual denominated in piastre and riel were used until 1955		 Currency of Khmer Republic
1970 – 1975		 Succeeded by:
Moneyless economy
Location: Kampuchea
Reason: The Khmer Rouge attempted to implement the Marxist vision of a money-less society
Note: The Khmer Rouge did print a series of riel. Some sources say they were never issued. Some say they were issued one month before they were abolished.
Second riel
Preceded by:
Vietnamese đồng
Reason: reintroduction of a national currency
Ratio: 1 riel = 3 đồng = 0.25 U.S. dollar = 1kg rice		 Currency of Cambodia
1980 –		 Succeeded by:
Current
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