The riel (; km, រៀល, riĕl ;
sign: ៛;
code
In communications and information processing, code is a system of rules to convert information—such as a letter, word, sound, image, or gesture—into another form, sometimes shortened or secret, for communication through a communication ...
: KHR) is the
currency
A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins.
A more general def ...
of
Cambodia
Cambodia (; also Kampuchea ; km, កម្ពុជា, UNGEGN: ), officially the Kingdom of Cambodia, is a country located in the southern portion of the Indochinese Peninsula in Southeast Asia, spanning an area of , bordered by Thailand t ...
. There have been two distinct riel, the first issued between 1953 and May 1975. 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 1990s, citizens have used the riel alongside the
U.S. dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
at the well-known rate of 4,000 KHR/USD for retail payments.
Popular belief suggests that the name of the currency comes from the
Mekong river
The Mekong or Mekong River is a trans-boundary river in East Asia and Southeast Asia. It is the world's twelfth longest river and the third longest in Asia. Its estimated length is , and it drains an area of , discharging of water annuall ...
fish, the ''riĕl'' ("small fish" in Khmer). It is more likely that the name derives from the high silver content
Spanish-American dollar whose value is eight ''
reales'', a coin widely used for international trade in Asia and the Americas from the 16th to 19th centuries.
Concurrent use with foreign currencies
In rural areas the riel is used for virtually all purchases, large and small. However, the
United States dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
is also used, particularly in urban Cambodia and tourist areas. In areas near the
Thai
Thai or THAI may refer to:
* Of or from Thailand, a country in Southeast Asia
** Thai people, the dominant ethnic group of Thailand
** Thai language, a Tai-Kadai language spoken mainly in and around Thailand
*** Thai script
*** Thai (Unicode block ...
border, the
Thai baht
The baht (; th, บาท, ; currency sign, sign: ฿; ISO 4217, code: THB) is the official currency of Thailand. It is divided into 100 ''satang'' (, ). The issuance of currency is the responsibility of the Bank of Thailand. Society for Worldw ...
is also accepted.
Dollarization started in the 1980s and continued to the early 90s when the
United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and international security, security, develop friendly relations among nations, achieve international cooperation, and be ...
contributed humanitarian aid,
refugees began sending remittances home, and inflation as high as 177% per year eroded confidence in the riel. From 1991-1993, the United Nations Transitional Authority in Cambodia stationed 22,000 personnel throughout Cambodia, whose spending represented a large part of the Cambodian economy.
While the riel remains in common use in the provinces, the major cities and tourist areas heavily use the
U.S. dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
. The latter is dispensed in ATMs, accepted in virtually all purchases, and USD quotations are required to price hotel rooms, airline tickets and significant financial transactions. Everyone knows the exchange rate of 4,000 KHR/US$ for retail trade, with riel paid out for change in fractions of a dollar.
In June 2020, the
National Bank of Cambodia
The National Bank of Cambodia (NBC; km, ធនាគារជាតិនៃកម្ពុជា, translit=Thônéakéar Chéatĕ ney Kâmpŭchéa) is the central bank of Cambodia. The bank's duties include, ''inter alia'', the management of m ...
announced the phaseout from wide circulation of small U.S. dollar banknotes of
$1,
$2 and
$5.
This is aimed at reducing the cost of keeping the smaller US notes in circulation, as well as increasing the use of the riel in lieu of these notes.
No fees were to be charged to collect these small notes before 31 August, 2020, but after that date banks were expected to incur costs of transporting these notes.
History
French Indochinese piastre
The
piastre was introduced in
French Indochina
French Indochina (previously spelled as French Indo-China),; vi, Đông Dương thuộc Pháp, , lit. 'East Ocean under French Control; km, ឥណ្ឌូចិនបារាំង, ; th, อินโดจีนฝรั่งเศส, ...
in 1885 at par with the
Spanish-American silver dollar, and was in use until 1952.
First riel (1953–1975)
In 1953, the Cambodia branch of the ''Institut d'Émission des États du Cambodge, du Laos et du Vietnam'' issued notes dual denominated in
piastre and riel with the riel being at par with the piastre. At the same time, the two other branches of the ''Institut'' had similar arrangements with the
đồng in
South Vietnam
South Vietnam, officially the Republic of Vietnam ( vi, Việt Nam Cộng hòa), was a state in Southeast Asia that existed from 1955 to 1975, the period when the southern portion of Vietnam was a member of the Western Bloc during part of th ...
and the
kip
Kip, KIP or kips may refer to:
Athletics
* Kip (artistic gymnastics), a basic skill on the women's uneven bars
* Kip (trampolining), a coaching skill used in trampolining
* Kip-up, an acrobatic manoeuvre used in martial arts and gymnastics
People ...
in
Laos
Laos (, ''Lāo'' )), officially the Lao People's Democratic Republic ( Lao: ສາທາລະນະລັດ ປະຊາທິປະໄຕ ປະຊາຊົນລາວ, French: République démocratique populaire lao), is a socialist ...
. The piastre itself was derived from Spanish
pieces of eight
The Spanish dollar, also known as the piece of eight ( es, Real de a ocho, , , or ), is a silver coin of approximately diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content ...
(
peso
The peso is the monetary unit of several countries in the Americas, and the Philippines. Originating in the Spanish Empire, the word translates to "weight". In most countries the peso uses the Dollar sign, same sign, "$", as many currencies na ...
s).
The riel was at first subdivided into 100 ''centimes'' (abbreviated to cent. on the coins) but this changed in 1959 to 100 ''sen'' (). For the first few years, the riel and piastre circulated alongside each other. The first riel banknotes were also denominated in piastres.
* First issue, 1955–56: 1 riel, 5 riels, 10 riels, 50 riels.
* Second issue, 1956: 1 riel, 20 riels, 50 riels, 100 riels, 500 riels.
* Third issue, 1956: 100 riels, 500 riels.
* Fourth issue, 1963: 5 riels, 10 riels, 100 riels.
* Fifth issue, 1972: 100 riels*, 500 riels, 1,000 riels*, 5,000 riels*.
[Cambodian Currency Collectio]
Cambodian Currency Collection
(* ''Unissued.'')
Banknotes of Cambodia. 1 riel.jpg, 1 riel
Banknotes of Cambodia 1 riel.jpg, 1 riel
Banknotes of Cambodia 10 riel.jpg, 10 riels
Banknotes of Cambodia. 10 riel.jpg, 10 riels
Banknotes of Cambodia 500 riel.jpg, 500 riels
Banknotes of Cambodia. 500 riel.jpg, 500 riels
Coins: The 10, 20 and 50 centimes of 1953 and sen coins were minted in
aluminum
Aluminium (aluminum in American and Canadian English) is a chemical element with the symbol Al and atomic number 13. Aluminium has a density lower than those of other common metals, at approximately one third that of steel. It has ...
and were the same size as the corresponding att and xu (su) coins of Laos and South Vietnam (though without the holes in the Lao coins). A 1 riel coin about the size of a
U.S. nickel was to be issued in 1970, as part of the
United Nations
The United Nations (UN) is an intergovernmental organization whose stated purposes are to maintain international peace and international security, security, develop friendly relations among nations, achieve international cooperation, and be ...
'
Food and Agriculture Organization
The Food and Agriculture Organization of the United Nations (FAO)french: link=no, Organisation des Nations unies pour l'alimentation et l'agriculture; it, Organizzazione delle Nazioni Unite per l'Alimentazione e l'Agricoltura is an intern ...
's coin program, but was not released, perhaps due to the overthrow of the government of
Norodom Sihanouk
Norodom Sihanouk (; km, នរោត្តម សីហនុ, ; 31 October 192215 October 2012) was a Cambodian statesman, Sangkum and FUNCINPEC politician, Norodom Sihanouk filmography, film director, and composer who led Cambodia in vari ...
by
Lon Nol
Marshal Lon Nol ( km, លន់ នល់, also ; 13 November 1913 – 17 November 1985) was a Cambodian politician and general who served as Prime Minister of Cambodia twice (1966–67; 1969–71), as well as serving repeatedly as defence min ...
.
Khmer Rouge (1975–1980, 1993–1999)
Although the
Khmer Rouge printed banknotes, these notes were not issued as money was abolished after the Khmer Rouge took control of the country.
* Sixth issue, 1975: 0.1 riel (1 kak), 0.5 riels (5 kaks), 1 riel, 5 riels, 10 riels, 50 riels, 100 riels.
In 1993 they printed a series of coloured banknotes for limited use on territories controlled by them.
* Regional issue, 1993: 5 riels, 10 riels, 20 riels, 50 riels, 100 riels
Second riel (1980–present)
After the Vietnamese attacked Khmer Rouge in 1978, the riel was re-established as Cambodia's national currency on 20 March 1980, initially at a value of 4 riels = 1
U.S. dollar
The United States dollar ( symbol: $; code: USD; also abbreviated US$ or U.S. Dollar, to distinguish it from other dollar-denominated currencies; referred to as the dollar, U.S. dollar, American dollar, or colloquially buck) is the officia ...
. It is subdivided into 10 kaks or 100 sens. Because there was no money for it to replace and a severely disrupted economy, the central government gave away the new money to the populace in order to encourage its use.
* Seventh issue, 1979: 0.1 riel (1 kak), 0.2 riels (2 kaks), 0.5 riels (5 kaks), 1 riel, 5 riels, 10 riels, 20 riels, 50 riels.
* Eighth issue, 1987: 5 riels, 10 riels.
* Ninth issue, 1990-92: 50 riels, 100 riels, 500 riels.
* Tenth issue, 1992-93: 200 riels, 1,000 riels*, 2,000 riels*. (* ''Unissued.'')
* Eleventh issue, 1995: 1,000 riels, 2,000 riels, 5,000 riels, 10,000 riels, 20,000 riels, 50,000 riels, 100,000 riels.
* Twelfth issue, 1995-99: 100 riels, 200 riels, 500 riels, 1,000 riels.
* Thirteenth issue, 2001-07: 50 riels, 100 riels, 500 riels, 1,000 riels, 2,000 riels, 5,000 riels, 10,000 riels, 50,000 riels.
* Fourteenth issue; 2008-15: 100 riels, 500 riels, 1,000 riels, 2,000 riels, 5,000 riels, 10,000 riels, 20,000 riels, 50,000 riels, 100,000 riels.
* Fiftheeth issue; 2016-19: 1,000 riels, 15,000 riels, 20,000 riels.
* Sixteenth issue; 2021: 30,000 riels.
* Seventeenth issue; 2022: 200, 2,000 riels.
Banknotes
*
* 100 riels (2001-08-09 and 2015-01-14)
* 200 riels (1995 and 2022-11-14)
* 500 riels (2002-04-04 and 2014-01-14)
* 1,000 riels (2006-01-06 and 2017-10-25)
* 2,000 riels (2008-01-03, 2013-11-09 and 2022-11-14)
* 5,000 riels (2001-04-06 and 2017-10-25)
* 10,000 riels (2001-04-06 and 2015-05-07)
* 15,000 riels (2019)
* 20,000 riels (2008-05-12 and 2018)
* 30,000 riels (2021-10-18)
* 50,000 riels (2001-04-06 and 2014-05-06)
* 100,000 riels (1995 and 2013-05-14)
Coins
The first coins were 5 sen pieces, minted in 1979 and made of aluminum. No more coins were minted until 1994, when denominations of 50, 100, 200 and 500 riels were introduced. However, these are rarely found in circulation.
See also
*
Cambodian tical
Prior to the year 1875, the tical was the currency of Cambodia as well as Siam and Laos. However, as a result of French intervention in the region, the tical in Cambodia was replaced in 1875 by the Cambodian franc. The term tical was the name ...
*
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 ...
*
Economy of Cambodia
The economy of Cambodia ( km, សេដ្ឋកិច្ចនៃកម្ពុជា ) currently follows an open market system ( market economy) and has seen rapid economic progress in the last decade. Cambodia had a GDP of $24.57 billion in 2 ...
References
*
*
External links
Cambodian Currency Collection - Depicts every banknote issued in Cambodia
{{DEFAULTSORT:Cambodian Riel
Circulating currencies
Economy of Cambodia
Currency symbols
Currencies of Cambodia
Currencies introduced in 1953
Currencies introduced in 1980