PHNOM PENH, Jan. 8 (Xinhua) -- The Cambodian National Bank has issued a new 2,000-riel bank note to refresh currency supplies and simplify cash payments, the Cambodia Daily newspaper said Tuesday.
Roughly equivalent to half a U.S. dollar, the new note depicts an image of the Preah Vihear temple on one side and a woman harvesting rice on the other, the newspaper said.
The notes replace an equal value of tattered 1,000-riel notes that have been taken out of circulation and destroyed, National Bank of Cambodia Deputy Governor Neav Chanthana said.
"The new note is to replace the older ones," Neav Chanthana was quoted as saying.
The 2,000-riel denomination also requires that only half as many bills be printed as are removed from circulation, thereby saving the usage of paper, she added.
Source: China View, Cambodian National Bank issues 2,000-riel note, retrieved 9 Jan '08.
8 comments:
Good anti-inflation policy but lag of time between the implementation and its effect is of much concern. How long will it take to get all banks note back into the bank? What's about the transitory period?
ah... the note looks so nice. I gotta go home and see it by my own eyes heuy hahaha...
I guess people are given enough time to exchange for the new note. at least before it became useless. Loz....
Thanks for sharing news!
Savuth
Any other reason? More carefully speaking, should there be any other reason(s)? Lol... Or Replacing the old notes was the only reason?
The first comment to this post sounds helpful: Anti-inflation policy! What the exact link between the producing new notes and anti-inflation? Can anyone explain the way you do to a non-economist?
as for me, i think differently from the economist. it is the politic mater. if i am not wrong, it is about the PRASH VIHEAR temple. it is what that hot issue somehow for the government to register her in the so called world heritage. it is also the proof that it is belong to only Cambodia. and it is what we must get. and that is why i think differently. and i think the government is doing the right thing to his country politic. with love Ricky
Yeah...there are several possible reasons. It can be also because the Gouvernment want to, again, declare the importance of 7 MAKARA for the 2000 riel note was issued on the 7th January. They wanna show that before 7 MAKARA, Cambodia had no Currency. And 7 MAKARA is the second birthday of every Cambodian but they forget that the majority of Cambodian people now were born after 1979...It is just time to gain political benefit because the next election is coming.
wow, i feel great to see people reaction on this issuing of new 2000notes.
From a non-political perspective, as deputy governor said, saving the usage of the paper, meaning saving the printing cost. I am not sure of the anti-inflationary policy in ussuing this new note. Clarification?
I was once asked why NBC keeps issuing new notes all the time? Do the NEW governor (well, maybe not the case of this note) or cashier general just want to have their signature on it? Well, really hard to answer. But economically, user-friendly and good quality note do increase demand of the note. Remember? Cambodia is considered to be highly dollarized economy.
Look forward to seeing more of the reaction
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