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Highlights
- ISO 4217 Code: The Cambodian Riel is represented by the code KHR.
- National Currency: It serves as the official currency of Cambodia, widely used for small transactions.
- Coexistence with USD: The US Dollar is also commonly used alongside the Riel in Cambodia’s economy.
Overview
The Cambodian Riel (KHR) is the official currency of Cambodia, designated under the ISO 4217 currency code KHR. Introduced in 1955, it has played a crucial role in the country’s economic framework. The Riel is issued and regulated by the National Bank of Cambodia, ensuring monetary stability and circulation.
Usage and Economy
Although the Riel is the official currency, the US Dollar is widely accepted and often preferred for larger transactions. This dual-currency system emerged in the 1990s due to foreign investments and international trade. However, the government has been making efforts to promote greater use of the Riel to strengthen national monetary policy.
The Riel is predominantly used in rural areas for daily purchases, while urban centers see more frequent use of the US Dollar. Cambodian banknotes are available in denominations ranging from 50 to 100,000 Riel, making them suitable for a wide range of transactions.
Conclusion
The Cambodian Riel remains an integral part of the nation’s financial system, despite the strong presence of the US Dollar. Efforts to increase its circulation reflect the country's aim for greater economic independence. Understanding the Riel’s role is essential for both locals and visitors navigating Cambodia’s monetary landscape.
