Search

Search form

Logo of Phnom Penh Post newspaper Phnom Penh Post - Currency changes in store

Currency changes in store

Currency changes in store

N EW plans to overhaul the country's currency system will be ready in about three

months, according to National Bank of Cambodia Deputy Governor Tioulong Saumura.

"We have not yet worked out any of the details, so I cannot tell you

what exactly the plans are and when they will come into effect," she

said.

The cost of minting and printing the new currency is estimated at

$1.6 million and will be met by the French government as part of a new aid

package. (See accompanying story) The contract will go to a French firm.

The issue came up during the visit to Cambodia of the French Minister of

Finance and Economy Edmond Alphandery, when proposals for major changes in the

present currency system were alluded to at a press conference on July 23.

"We are changing the system for two reasons: politics and the economy,"

Saumura said at the conference, adding: "The current banknotes were printed

under the old political regime. The new ones will probably depict King Sihanouk,

at least on the higher denomination notes.

"Also, for economic reasons,

we need to extend the range of the

denomination. We may even get rid of a few

zeroes."

She was unable to say whether dollars would cease to be legal

tender when the new currency is issued

The contract to print the notes is

still out to tender so work may not start till the end of 1994, journalists at

the conference were informed.

RECOMMENDED STORIES

  • Breaking: PM says prominent human rights NGO ‘must close’

    Prime Minister Hun Sen has instructed the Interior Ministry to investigate the Cambodian Center for Human Rights (CCHR) and potentially close it “because they follow foreigners”, appearing to link the rights group to the opposition Cambodia National Rescue Party's purported “revolution”. The CNRP - the

  • Rainsy and Sokha ‘would already be dead’: PM

    Prime Minister Hun Sen on Sunday appeared to suggest he would have assassinated opposition leaders Sam Rainsy and Kem Sokha had he known they were promising to “organise a new government” in the aftermath of the disputed 2013 national elections. In a clip from his speech

  • Massive ceremony at Angkor Wat will show ‘Cambodia not in anarchy’: PM

    Government officials, thousands of monks and Prime Minister Hun Sen himself will hold a massive prayer ceremony at Angkor Wat in early December to highlight the Kingdom’s continuing “peace, independence and political stability”, a spectacle observers said was designed to disguise the deterioration of

  • PM tells workers CNRP is to blame for any sanctions

    In a speech to workers yesterday, Prime Minister Hun Sen pinned the blame for any damage inflicted on Cambodia’s garment industry by potential economic sanctions squarely on the opposition party. “You must remember clearly that if the purchase orders are reduced, it is all