Old and Stained US Dollar Banknotes to be Accepted Nationwide
The National Bank of Cambodia (“NBC”) announced that it now accepts old, torn or stained US dollar banknotes without charge or restriction nationwide in August 2, 2024
The following are the crucial key points of the press release:
- Acceptance of Old/Stained US Dollar Banknotes:
All banking and financial institutions nationwide, including moneychangers, are required to accept old or stained US Dollar banknotes from its customers without any charge, except counterfeit or unrecognizable banknotes.
- Counterfeit Banknotes:
All counterfeit US Dollar banknotes will be confiscated without compensation and sent to the NBC.
- NBC will bear the cost of US dollar Banknotes replacement:
NBC will be responsible for transporting old/torn or stained US Dollar banknotes to the US Federal Reserve or other authorized institutions who are competent and authorised to issue US Dollar banknotes, and transporting the new US dollar banknotes back to Cambodia. NBC will cover all associated costs, including shipping and insurance, for this transportation.
The public is encouraged to use the Khmer Riel to support the national economy.
- Digital Payment Initiatives:
The Bakong system has been introduced for instant electronic payments. A Bakong Tourist App is being developed to facilitate payments for international visitors.
Impact on Your Operations:
- Ensure your staff are aware of these new regulations, particularly those handling cash transactions.
- Review and update your policies regarding the acceptance of US Dollar banknotes.
- Consider promoting the use of digital payment methods, including the use of Bakong system, to your customers.
We recommend staying informed about any further developments in this area. If you have any questions or require assistance in adapting your operations to these new regulations, please don’t hesitate to contact our team.
Contributing Author:
Sophary Noy
Senior Associate and Head of Banking Practice Group
+855 17 883 361
