Smooth exchange: NBC takes steps to address the issue of torn dollar notes in Siem Reap
Smooth exchange: NBC takes steps to address the issue of torn dollar notes in Siem Reap
Following the intervention of Prime Minister Hun Manet, the National Bank of Cambodia (NBC) has introduced a series of measures to facilitate the smooth exchange of old and torn dollar notes in Siem Reap.
During an undercover visit to Siem Reap on July 18, the Prime Minister found that the trouble of exchanging torn dollar notes was a contributory factor to the loss of tourists.
Following the Prime Minister’s remarks, NBC introduced several measures to be implemented in Siem Reap. In a communique, the central bank asked the commercial banks in the province not to charge customers for exchanging old and torn dollar notes.
Commercial banks in Siem Reap must exchange them for new banknotes at the Siem Reap branch of NBC free of charge and without delay, eliminating the need to send such notes to the head office in Phnom Penh.
“Commercial bank branches in the Siem Reap province must accept old and stained US banknotes, barring counterfeit banknotes, and not ask for a fee from their customers for exchanging such notes,” the NBC stated in the press release.
Additionally, the NBC has instructed all banking and financial institutions in Siem Reap to place $20 and $50 banknotes in ATMs instead of only $100 banknotes to help tourists.
Efforts will also be made to educate money changers, hotel and restaurant owners about these measures and encourage their cooperation with NBC in implementing these mechanisms.
The Prime Minister yesterday applauded the move and urged all stakeholders in Siem Reap to implement the directives from the NBC.
“I hope the actions of NBC will eliminate the difficulties related to the circulation of US dollars and help businesses as well as tourists in the province,” the Prime Minister wrote in a post on his social media.
ABA Bank, the largest commercial bank in Cambodia, supports the NBC initiative to promote US dollar notes in Siem Reap, said Igor Zimarev, Chief Marketing Officer, ABA Bank.
“We understand the inconvenience caused to tourists by damaged or torn bills, and we are committed to complying with this directive. We will align with the guidelines from the NBC and review our internal procedures to ensure the smooth exchange of older dollar notes in our branches,” he told Khmer Times.
Regarding NBC’s requirement to prioritize $20 and $50 denominations in ATMs in Siem Reap, Igor said that ABA is now working to adjust the ATM cash dispensing configurations in the province to implement this.
“We strongly support the development of tourism in our country and the measures that the government deems fit to boost this vital industry for the Cambodian economy,” he said.
The central bank also promotes the use of the Bakong Tourist App to help international tourists visiting Cambodia.
“NBC will launch Bakong for foreign tourists. When they come to Cambodia, they can download App Bakong and enjoy seamless transactions,” NBC Governor Chea Serey said last Friday.
Siem Reap province, home of the famed UNESCO-listed Angkor Archaeological Park, is the most popular tourist spot in the Kingdom.
A Ministry of Tourism report showed that Cambodia attracted nearly 2.6 million international tourists in the first six months of 2024, an increase of 22 percent compared to the same period last year.
Some 521,950 foreign tourists bought Angkor entrance passes to visit Angkor Archaeological Park in the first half of this year, a year-on-year increase of 35 percent, recent data showed.
