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Between 1975 and 1980, the country had no monetary system. A second currency, also named "riel", has been issued since 20 March 1980. Since the late 1990s, the riel has had an unofficial fixed exchange rate of 4,100:1 with United States dollar, Cambodia's second de facto currency for commercial transactions. [1]
In Cambodia, US notes circulate freely and are preferred over the Cambodian riel for large purchases, [27] [28] with the riel used for change to break 1 USD. After the U.S. invasion of Afghanistan, U.S. dollars were accepted as if legal tender, but in 2021 the Taliban government banned the use of foreign currencies. [29]
Colour key and notes Indicates that a given currency is pegged to another currency (details) Italics indicates a state or territory with a low level of international recognition State or territory Currency Symbol [D] or Abbrev. ISO code Fractional unit Number to basic Abkhazia Abkhazian apsar [E] аҧ (none) (none) (none) Russian ruble ₽ RUB Kopeck 100 Afghanistan Afghan afghani ؋ AFN ...
Unofficial currency substitution or de facto currency substitution is the most common type of currency substitution. Unofficial currency substitution occurs when residents of a country choose to hold a significant share of their financial assets in foreign currency, even though the foreign currency is not legal tender there. [ 8 ]
The Cambodian Civil War fragilized the Cambodian banking system and on 28 October 1971, the National Bank ordered the commercial banks to suspend all foreign exchange operations in a vain attempt to establish a "flexible" rate for the riel, whose value collapsed as the United States dollar became the de facto currency. [9]
Pages in category "Currencies of Cambodia" The following 4 pages are in this category, out of 4 total. This list may not reflect recent changes. C. Cambodian franc;
The franc was the currency of Cambodia between 1875 and 1885. It was equal to the French franc and was similarly subdivided into 100 centimes. It circulated alongside the piastre (equal to the Mexican peso) with 1 piastre = 5.37 francs. It replaced the tical and was replaced by the piastre. No paper money was issued.
The Cambodian economic system was unique in at least two respects. First, the government abolished private ownership of land. The Khmer Rouge believed that, under the new government, Cambodia should be a classless society of "perfect harmony" and that private ownership was "the source of egoist feelings and consequently social injustices."