The clarification came once a post on social media went microorganism earlier on, claiming that Cambodian banks were not acceptive America dollar banknotes unless they were in mint condition. As additional Cambodians commented and shared experiences on-line, it became progressively confusing on what banks were and weren't acceptive.
Hoping to clear up the confusion, the financial institution responded by posting associate degree dateless copy of its laws on the acceptance folks dollar and Cambodian Cambodian monetary unit banknotes on its Facebook page. however because the announcement was created with none clarification, it solely gave the impression to heighten public anxiety, setting off a flurry of speculation and comment.
Chea Serey, director-general of the full service bank of Asian nation (NBC), told the Post yesterday that whereas there had been no policy changes, the NBC had recently educated banks to air the lookout for ink-stained banknotes that would indicate they were purloined from ATM machines.
“ATMs have a technology in situ whereby the instant the machine is opened victimisation force, a special ink can spill over the notes create it simple for enforcement officers to spot purloined banknotes,” she explained.
Serey advised the confusion could have resulted from some bank workers being “overly careful” in acceptive ink-stained banknotes. However, a simple, tiny ink stamp doesn't void the currency.
“I believe that the matter is combined by Facebook users scaring one another, cash changers and businessmen across the country,” she said.
Kim Sokneng, a money dealer close to Phsar Kabko in central national capital, same postings on social media sites claiming native banks were rejecting America dollar banknotes that appeared previous or blemished were a cause for concern and she or he not accepts such banknotes.
“I don’t wish to reject them, however i want to watch out as a result of i'm afraid [banks] can reject that cash after I move to exchange it,” she said.
Some area unit claiming that banks have already done simply that. Sok Heng, United Nations agency runs alittle business together with her husband, same once she tried to deposit $5,000 into their account at ANZ Royal Bank last weekday the teller refused to just accept $300 price folks banknotes. She claims the bank came the bills as a result of they were associate degree older issue, tho' they were promptly accepted by another bank.
Serey acknowledged that NBC isn't accountable for the standard folks dollar banknotes in native circulation because it is merely accountable for Cambodian Cambodian monetary unit banknotes, as a result of it prints them and thus should assure their quality.
She same that whereas the NBC wouldn't use demanding body measures to market use of the native currency, those who opt to use America bucks should be accountable for them.
“We haven't any obligation by law to facilitate the circulation of the America dollar or the other [foreign] currency within the country,” Serey same. “If there's a priority, then individuals ought to switch back to Khmer Cambodian monetary unit on their own accord.”
However, Chan Sophal, director at the Centre for Policy Studies, same the financial institution ought to take each necessary action to quell the rumours and guarantee banks settle for previous nevertheless real America dollar banknotes given the exceptionally high dollarisation of the Cambodian economy.
“It have an effect oned the sensation of individuals United Nations agency hold America dollar notes and might affect the income within the economy,” he said.
