|
 The riel (Khmer: , symbol: ) is the currency of Cambodia. There
have been two distinct riel, the first issued between 1953 and May 1975. Between 1975 and 1980, the country had no monetary system. A second currency, also named "riel", has been issued
since April 1, 1980. However, this currency has never gained public acceptance, with most Cambodians preferring gold or foreign currency. The UN occupation of 1993 injected a large
quantity of dollars into the local economy. As a result, the dollar has become the country's common currency.Riel notes are used for fractional dollar amounts as U.S. coins are not in circulation.In
1953, the Cambodia branch of the Institut d'Emission des Etats du Cambodge, du Laos et du Vietnam issued notes dual denominated
in piastre and riel with the riel being at par with the piastre . At the same time, the two other branches had
similar arrangement with the đồng in South Vietnam and the kip in Laos. This means that the first Cambodian riel was a direct lineal descendant of the Spanish pieces of eight. The riel was at first subdivided into 100 centimes (abbreviated to cent. on the
coins) but this changed in 1959 to 100 sen (សេន). For the first few years, the riel and piastre circulated alongside each other. Indeed, the first riel banknotes were also denominated in piastres.
|
