Public ‘OK’ with removal of small-dollar banknotes

[geovalin]

As the deadline draws close for commercial banks and microfinance institutions to send back smaller dollar banknotes to the National Bank of Cambodia without a service charge, businesses are seeing an increase in the use of the riel transactions with no real complaints from shoppers. In late May the National Bank of Cambodia (NBC) asked commercial banks and microfinance institutions (MFIs) to send it the smallest US dollar banknotes because it considers them difficult to manage and “there is little demand for them”.

 

The NBC said it will give a threemonth deadline (June 1 to Aug 31) for all commercial banks and MFIs to collect $1, $2 and $5 bills so it can transport them to a foreign country that wants them. There would be no service charge during this period. The banks’ regulator said after Aug 31, the NBC will transfer the cost of exporting the notes to the commercial banks and MFIs.

 

The central bank’s explanation for Cambodia doing this is that it will strengthen the independence of national monetary policy and contribute to efficient economic growth. It says that Cambodia must push the use of the riel widely, starting with the expense of small transactions. If it continues to let small US dollar banknotes being used in the country it will be a barrier to pushing the use of riels.

 

read more https://www.khmertimeskh.com/50757036/public-ok-with-removal-of-small-dollar-banknotes/

[Benmart]

Replace the $USD with the ¥RMB since Cambodia is being sold to the PRC by the current "government".

[PDPA2024]

Are they still a legal tender though? I was keeping these bills specifically to use in Cambodia.

[mrfill]

40 minutes ago, redpill17 said:

Are they still a legal tender though? I was keeping these bills specifically to use in Cambodia.

Small USD bills are probably not legal tender in Cambodia, but are accepted widely. They can, apparently, be exchanged for other currencies quite freely.

[PDPA2024]

5 minutes ago, mrfill said:

Small USD bills are probably not legal tender in Cambodia, but are accepted widely. They can, apparently, be exchanged for other currencies quite freely.

Yes, but exchange rate for them in Thailand is a robbery ????

[BritManToo]

$2 bill?

[Morty T]

7 minutes ago, BritManToo said:

$2 bill?

 

[jobsworth]

The worst thing is that they do not cut the edges to the correct size nor do they use the correct paper.

In the photo the top margin is bigger than the other margins.

If I get one of these in Cambodia I just pass it on. Evereybody does.

[Burma Bill]

1 hour ago, redpill17 said:

Are they still a legal tender though? I was keeping these bills specifically to use in Cambodia.

Yes, very much so, especially the 1$ US bill. Here in Siem Reap where I live, shops, supermarkets and bars etc. regularly give $1 bills in change, however the 2$ and 5$ bills are not so common (in fact I have never seen a 2$ bill). 10, 20, 50 and 100 US$ bills - no problem. The US$ is here to stay for a long time yet!

Edited August 27, 2020 by Burma Bill
additional information

[Burma Bill]

10 hours ago, geovalin said:

collect $1, $2 and $5 bills so it can transport them to a foreign country that wants them.

??? CHINA

[RocketDog]

17 hours ago, BritManToo said:

$2 bill?

Sure. They are common in Cambodia. 

[scammed]

i think its a good idea

[RocketDog]

I keep getting sucked into posts regarding Cambodia because there is no clue that they don't refer to Thailand news. 

Mostly I came barely keep up with Thai news and generally don't care about Cambodia. 

Please give us a note in the headline.