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.

MOST VIEWED

  • PM orders immediate action against ‘sexy’ live streamers

    Prime Minister Hun Sen on Monday ordered immediate action against women who live stream their sales pitches on Facebook wearing revealing clothing. The prime minister said the practice erodes traditional Cambodian values and disgraces women. Hun Sen gave the order to officials attending the Cambodian

  • Trump tweets praise for Kingdom docking ship

    Cambodia continues to earn praise for its humanitarian act of allowing the MS Westerdam cruise ship with more than 2,200 passengers and crew on board to dock at the Preah Sihanouk port. The praise this time comes from none other than US President Donald Trump. “Thank

  • Tourist area greenlit in Sihanoukville

    The National Committee for Coastal Management and Development will coordinate with relevant ministries over the establishment of a billion-dollar tourist area named Neak Reach in Preah Sihanouk province after it was proposed by the Ministry of Tourism. The Ministry of Land Management, Urban Planning and

  • Hun Sen defends decision to dock Westerdam cruise ship

    Prime Minister Hun Sen on Thursday hit back at critics who say he allowed the Westerdam cruise ship to dock in Sihanoukville for political reasons. Speaking at an annual gathering of the Ministry of Interior, Hun Sen said he acted to avert a humanitarian catastrophe

  • Organic vegetable retailer unveils QR code scheme for origin source

    Organic vegetable retailer Natural Agriculture Village has introduced QR codes on its product packaging, which will allow consumers to see where their produce comes from. Natural Agriculture Village president Bun Sieng, who is also a member of local distributor Green Gold, told The Post on

  • Cool heads will defeat Covid-19

    Since Covid-19 was first reported as a world health issue, cruise ships have been the worst to suffer after airlines. The experiences of those who were initially trapped on the Covid-19-stricken Diamond Princess are unimaginable. The cruise ship was rejected from docking at one