National Bank of Cambodia (NBC) governor Chea Serey (centre) chairs a July 21 meeting to address the issue of torn or disfigured US dollar bills. Banks in Siem Reap province have been instructed to accept the bills. NBC
The National Bank of Cambodia (NBC) has introduced an immediate mechanism for Siem Reap province, requiring all commercial banks in the province to accept old or stained US dollars without charge.
The decision was made during a Sunday, July 21 meeting with banking and finance institutions in Siem Reap town. The meeting was led by NBC governor Chea Serey.
The move came after Prime Minister Hun Manet asked the NBC to find a solution to this issue on July 18.
In a July 21 press release, the NBC explained that in the case of very old dollar bills that should not continue to be circulated, commercial banks in the province can exchange them with new banknotes at the National Bank Siem Reap branch with no service charge. They should not wait to send it to the commercial bank's headquarters in Phnom Penh.
NBC also said it "requires all banking and financial institutions in Siem Reap to deposit $20 and $50 banknotes, instead of $100 bills in ATMs to facilitate tourist spending. Deposits can still be made with US notes of any denomination.”
The NBC will disseminate the changes to money changers, hotel and restaurant owners to ensure their understanding and that they are prepared to collaborate with the NBC to implement further mechanisms.
Prime Minister Hun Manet, who called for a solution to the problem, posted a message to social media this morning, expressing his support for the new measures.
"I hope that the actions of the National Bank of Cambodia will eliminate the difficulties associated with the issuance of dollar bills and will ease the pressure on vendors, as well as make it easier for visitors to spend their money when they visit Siem Reap,” he said.
He also requested that the NBC, all private banks, private businesses, vendors and citizens in the province participate in the implementation of the new procedures.
In addition to the short-term mechanism, the NBC encourages the use of the upcoming Bakong Tourist App to support tourism in Cambodia. The app will facilitate payments by international tourists visiting Cambodia.
The NBC will also work with companies that supply money counters to set standards that are consistent with all banks.
