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| Riel (Cambodian currency) | |
|---|---|
| Name | Riel |
| Local name | រៀល |
| Iso code | KHR |
| Subunit name | សេន (sen) |
| Introduced | 1953 |
| Issuing authority | National Bank of Cambodia |
| Using countries | Cambodia |
Riel (Cambodian currency) is the official legal tender of Cambodia, identified by the ISO code KHR and the symbol ៛. The riel coexists with the United States dollar, circulates throughout urban centers like Phnom Penh and provincial towns such as Siem Reap and Sihanoukville, and is administered by the National Bank of Cambodia. The currency has played central roles in episodes involving the French Protectorate of Cambodia, the Khmer Rouge, the People's Republic of Kampuchea, and contemporary Kingdom of Cambodia monetary reconstruction.
The riel was first introduced during the late period of the French Indochina monetary system following moves by the French Third Republic and administrators in Saigon and Hanoi to stabilize colonial finances. After independence under Norodom Sihanouk in 1953, the riel supplanted older colonial notes issued by the Indochina Piastre framework and interacted with currencies from neighboring states such as the Thai baht and the Vietnamese đồng. During the civil conflicts culminating in the rise of the Khmer Rouge and the fall of Phnom Penh in 1975, monetary collapse and forced collectivization led to the abolition of conventional currency usage, a rupture comparable to monetary disruptions in the aftermath of the Russian Civil War and the Weimar Republic hyperinflation episode. The post-1979 People's Republic of Kampuchea reintroduced a state currency while the 1991 Paris Peace Agreements and subsequent UN presence under UNTAC facilitated reforms; by the late 1990s the United States dollar became widely used alongside the riel, reflecting patterns seen in countries such as Ecuador and El Salvador that experienced dollarization.
Early coinage under colonial influence included denominations resonant with the French franc and regional tokens issued in Cochinchina. Modern coin issues include minor denominations often minted for transactional use in markets in Battambang and Kampong Cham; collectors compare these with issues from the Royal Thai Mint and historic strikes from the Paris Mint. Banknote series have been released by the National Bank of Cambodia and its predecessors, featuring portraits of figures like Norodom Sihanouk and national symbols such as the Angkor Wat complex. Notable banknote designs reference Cambodian monuments and heritage comparable to motifs on banknotes of Brazil and India; specialized commemorative issues have honored milestones associated with the Royal Government of Cambodia and anniversaries relating to the Monarchy of Cambodia.
Monetary authority is vested in the National Bank of Cambodia, which formulates policy tools inspired by international institutions like the International Monetary Fund and the World Bank. The bank manages currency issuance, reserve practices involving United States dollar holdings and foreign exchange operations with partners such as the Asian Development Bank and regional central banks including the Bank of Thailand. Policy choices reflect historical legacies from the Cambodian coup of 1970 era and stabilization programs implemented after UN transitional administrations. The banking sector comprises commercial institutions such as the ACLEDA Bank, Canadia Bank, and foreign entrants like Foreign Trade Bank of China affiliates, coordinating with the central bank on liquidity management and regulatory frameworks influenced by the Basel Committee on Banking Supervision.
The riel trades in formal and informal markets with quotations often expressed against the United States dollar and, regionally, the Thai baht and Vietnamese đồng. Urban retail pricing in Phnom Penh and tourism zones in Siem Reap commonly displays dual pricing in riel and dollars, reflecting partial dollarization similar to practices in Montenegro before euro adoption. Remittances from Cambodian diaspora communities in countries such as France, Australia, United States, and Canada influence currency supply and demand; exchange operations are conducted by licensed exchangers and commercial banks, regulated under instruments adopted after the Paris Peace Agreements.
Circulation patterns display spatial variation: rural provinces such as Ratanakiri and Kampong Thom often rely more on riel for low-value transactions, while tourism and import sectors in Sihanoukville show heavy dollar usage. Macroeconomic metrics tracked by institutions like the International Monetary Fund and Asian Development Bank reveal inflation, reserve levels, and monetary multipliers affecting riel supply. The informal economy, artisanal markets in Phnom Penh's Russian Market, and cross-border trade with Thailand and Vietnam shape currency velocity, echoing circulation dynamics documented in transitional economies including Cambodia's Southeast Asian neighbors.
Counterfeiting risks prompted the incorporation of security elements in banknotes analogous to measures used by the European Central Bank and the Federal Reserve. Modern issues include watermarks, security threads, intaglio printing, and ultraviolet features employed internationally by mints and printing firms such as those in France and United Kingdom. Enforcement involves the National Police of Cambodia and prosecutorial action under statutes passed by the National Assembly of Cambodia, with international cooperation when networks trace to jurisdictions like Singapore or Malaysia.
Category:Currencies of Asia Category:Cambodia Category:Economy of Cambodia