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Phnom Penh: While Cambodia is on the cusp of curbing the spread of the disease 19 National Bank of Cambodia Announces Suspension of US $ 1, $ 2 and $ 5 Bonds It has been made clear to economists that people do not understand exactly what the purpose is.
In connection with the suspension of the three types of dollars, the National Bank of Cambodia invited a Director General or Treasurer of all Commercial banks, specialized banks, and microfinance institutions accept deposits for the meeting on the Suspension of the US Dollar. US $ 1, US $ 2 and US $ 5 on May 28, 2020.
According to the National Bank of Cambodia, the Director General of the Board of Directors informed that the National Bank of Cambodia will hold a meeting on " Suspension of US $ 1, US $ 2 and $ 5 US $ US Banknotes May 28, 2020 at the Hall National Bank of Cambodia Meeting of Sen Sok Building.
Chan Sophal, who is known as an economist, has expressed his views on his official social network. In English, we unofficially say, "I don't know for sure, but I can understand that it's part." The cutoff target. Using the dollar is one of the benefits. But the only way to use the dollar is at the expense of monetary policy, and we see that it can be used It is effective in a crisis like this. ”
"The dollar is getting worse when more people are refusing to clean things up a little. Almost disappeared a bit when I was not careful taking some bank notes). If you start rejecting the US dollar, it will be fine. My thoughts. ”
According to Chan Sophal, as the Cambodian economy grows bigger, the monetary loss to impact the economy becomes more costly. It should not be overnight because the autonomous monetary policy must match the banks' capabilities Middle but should begin with a few practical steps.
Kan Kunthy, the deputy director general of EMRs, expressed the view that if it is too much to take no dollar at all, Go. No $ 1, $ 2, and $ 5, this is all the money they can use for your factory Many people don't really use that money. “The suspension of the microfinance, we don't know whether they are promoting the use of the riel or related "The EU and the US have recently accused our country of money laundering. We don't know."
According to Kan Gandhi, “No money or money suspension, $ 1, $ 2, $ 5. That's a big cost because most of the three types of banknotes, most of the waiter and factory workers are users. Buy this, buy that and big money for the rich. ”
According to a press release from the National Bank of Cambodia, “the Meeting discusses the challenges of US Dollar circulation $ 1, $ 2 and $ 5 in Cambodia. The Meeting discussed and agreed on some of the challenges:
On policy view:
- 1) – In a situation where the world is facing a global health crisis and is entering an economic crisis, strengthening independence Leading in monetary policy will contribute to more efficient economic growth. In this direction, Cambodia should promote wider use of the riel, starting with the expenditure on existing operations. Compact size. Therefore, letting the smaller US dollar circulate is a barrier to promoting the use of the riel,
2) – In the last six months, the riel as well as the local currency has depreciated significantly against the dollar. America. For countries in the region, their depreciation is mainly due to the decline in exports and capital inflows. As for Cambodia, the depreciation of the riel is due to the depreciation of the riel (mainly caused by the decline in activity). Domestic economy and declining demand for the riel for taxes etc. The depreciation of the riel against the US dollar has had a negative impact on farmers in the riel . Therefore, to stimulate the demand for the riel in the economy, especially for small transactions, the use of the US dollar Smaller types should be replaced with riel.
On the technical aspects:
The National Bank of Cambodia is the only institution that has the right to import and export currencies. Despite its role, the National Bank of Cambodia has facilitated the delivery of new banknotes from the Bank of America. Regards for use in Cambodia Particularly for the small and old US dollar bills, the National Bank of Cambodia has a hard time controlling the quality, because Exports of these bills require higher labor and budget costs than the Riel, which the NBC can cut and destroy. And replaced with a new print banknote. In addition, the number of foreign correspondent banks facilitating the acquisition of smaller US dollars has become smaller There have also been restrictions on the receipt of small US dollars, despite high fees. This is further exacerbated by the global epidemic of CAV-19, which causes flights and There is very little to Cambodia.
- It is found that in both warehouses, banks and financial institutions, and the National Bank of Cambodia have accumulated US dollar deposits. 1 $ 2 $ and $ 5, indicating that the demand for these notes was low in the market, the meeting agreed to introduce a measure. The following numbers:
- The National Bank of Cambodia will provide three months time from 1 June 2020 to 31 August 2020 Items to bring US $ 1, $ 2, $ 5 $ US Banknotes to be shipped overseas by Free of charge
- After August 31, 2020, the National Bank of Cambodia will transfer overseas payments on US dollars. Types 1, $ 2, and $ 5 are returned to the bank and financial institution. There is no fee for receiving US $ 10 for US $
- The National Bank of Cambodia will continue to discuss with banks and financial institutions to reach an appropriate timeframe to suspend the receipt A very small dollar from the banking and financial institutions.