NBC asks banks, money changers to exchange Thai Baht at market rates

NBC asks banks, money changers to exchange Thai Baht at market rates

NBC’s move is expected to ease the financial burden of repatriated workers by providing fair and transparent currency exchange amid the fast-paced ongoing border developments.

The National Bank of Cambodia (NBC) Sunday issued an official announcement instructing all banking and financial institutions, as well as currency exchangers, to provide Thai Baht exchange services at market rates to support Cambodian citizens returning from Thailand.

In the notice released on Sunday, NBC stated that, “Currently, ACLEDA Bank branches have complied with this notice, and other banking and financial institutions and currency exchangers will continue to implement this exchange to protect the interests of citizens.”

The announcement comes in response to the ongoing repatriation of Cambodian workers from Thailand, many of whom are crossing the border through checkpoints such as the Daung International Border Gate in Kamrieng District, Battambang province.

NBC’s announcement further called on all relevant stakeholders to ensure cooperation in implementing the baht-to-riel exchange in a manner that upholds market principles and expresses national solidarity.

“The National Bank of Cambodia calls on all banking and financial institutions and currency exchangers to cooperate in exchanging Thai baht to Khmer riel at market rates in a spirit of solidarity and mutual support during this situation,” the statement added.

This move is expected to ease the financial burden of repatriated workers by providing fair and transparent currency exchange amid the ongoing border developments.

Mar Amara, Senior Group Chief Financial Officer of ACLEDA Bank Plc, told Khmer Times that the bank is taking swift action following the notification issued by NBC regarding Thai baht exchanges. “After receiving the notification from the National Bank of Cambodia, we are preparing to exchange baht at market rates to facilitate workers returning from Thailand who have baht,” she stated.

Amara further reassured the public, especially returning migrant workers, that ACLEDA’s nationwide branches are fully equipped to assist them. “Cambodian workers who have baht can go to any of our bank branches to exchange their money. We will facilitate their exchange at the market rates that we publish every morning,” she added.

This measure aims to provide greater convenience and transparency in cross-border currency exchange, ensuring returning workers can access fair and official rates without resorting to informal or potentially exploitative channels.

On July 27, Sok Lou, Governor of Battambang province, visited the Daung International Border Gate in Kamrieng District to warmly welcome Cambodian workers who have been steadily leaving Thailand to return home.

Governor Lou said that Prime Minister Hun Manet has ordered the deployment of numerous vehicles to assist in transporting these returning workers to their respective provinces.

khmertimeskh