In a notable initiative to optimise the tourist experience, Prime Minister Hun Manet has instructed the National Bank of Cambodia (NBC) to re-examine and potentially modify its policies concerning the circulation of aged or slightly damaged U.S. dollar banknotes.
In contrast with some of the misinformation that has been published about this initiative, the directive follows the Prime Minister’s recent visit to Pub Street, a popular nightlife area in Siem Reap, where he received complaints from tourists about the problematic nature of using worn U.S. dollar bills.
"Some issues are relatively minor but nevertheless cause inconvenience to tourists, such as the difficulty in using U.S. dollar bills that are dirty or slightly torn," the Prime Minister stated.
He underscored the necessity for the National Bank of Cambodia (NBC) to reassess the prevailing criteria pertaining to these banknotes, with the objective of facilitating expenditure by tourists. Nevertheless, he also emphasised that, while counterfeit detection is of paramount importance, perfectly genuine banknotes that have sustained minor damage should not be regarded as worthless.
In response, the NBC issued an announcement on 21 July 2024, outlining four emergency mechanisms aimed at mitigating the issue.
The directive permits the acceptance of banknotes that are stained or slightly torn. Commercial banks in Siem Reap are obliged to accept old or slightly torn U.S. dollar bills, provided that they are not counterfeit, without imposing service fees.
The following measures have been put in place with regard to the exchange of very old notes:
In the event that dollar banknotes are no longer fit for circulation, commercial banks in Siem Reap are permitted to exchange them for new notes at the National Bank without incurring service fees or the delay of sending these notes to their headquarters in Phnom Penh.
With regard to the withdrawal of US dollars from automated teller machines (ATMs), all banking and financial institutions in Siem Reap are required to place $20 and $50 notes in ATMs, rather than $100 notes. This is intended to facilitate easier tourist spending. It should be noted that all types of US dollar banknotes will still be accepted in deposit machines.
A comprehensive advertising campaign will be initiated with the objective of disseminating information to money exchange traders, hotel and restaurant proprietors regarding the aforementioned measures, and to solicit their collaboration with the NBC.
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