You are here
Cambodia aims to reduce dependence on U.S. dollar
By Luke Hunt
Voice of America, Washington
Sunday, March 7, 2021
PHNOM PENH, Cambodia -- The National Bank of Cambodia, the country's central bank, is aiming to reduce the country's dependence on the U.S. dollar with the introduction of digital currencies and the phasing out of small-denomination U.S. currency -- $1, $2, and $5 bills -- in favor of the local currency, the riel.
Cambodia has run a dual-currency system since United Nations peacekeepers arrived to oversee elections in 1993, bringing with them U.S. dollars, which circulated in tandem with riel, providing much-needed currency stability amid postwar reconstruction.
... Dispatch continues below ...
ADVERTISEMENT
USAGold: Coins and bullion since 1973
USAGold, well known for its Internet site, USAGold.com, offers contemporary bullion coins and bullion-related historic gold coins for delivery to private investors in the United States, Europe, Canada, Australia, and New Zealand. It is one of the oldest and most respected names in the gold industry, with thousands of clients and an approach to investment that emphasizes guidance and individual needs over high-pressure sales tactics. The firm's zero-complaint record at the Better Business Bureau makes it an ideal match for the conservative, long-term investor looking for a reliable contact in the gold business.
Please call 1-800-869-5115x100 and ask for the trading desk, or visit:
USAGold: Great prices, quick delivery -- all the time.
National Bank of Cambodia Governor Chea Chanto said in September that demand for the riel had increased an average of 16% a year for two decades, with annual economic growth rates of 7.8%, adding that fewer U.S. dollars in circulation would give the central bank greater control over the economy.
"I firmly believe all ministries, institutions, companies, enterprises, and those who actively participate in the process of developing the banking system should promote the use of the riel, which is our national currency," he said in January.
The central bank has introduced small- and large-denomination riel notes ranging from 100 to 100,000 riel (about $25), but their arrival caused confusion and rumors among traders in the local markets that U.S. $1 and $5 notes had been banned.
That started a rush to offload dollars and prompted Prime Minister Hun Sen to step in and say, "There is no prohibition like the rumors being spread." ...
... For the remainder of the report:
https://www.voanews.com/east-asia-pacific/cambodia-aims-reduce-dependency-us-dollar
* * *
Toast to a free gold market
with great GATA-label wine
Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.
Here's what the bottles look like:
http://www.gata.org/files/GATA-4-wine-bottles.jpg
Buyers can compose their case by choosing as many as four varietals from the list here:
http://www.gata.org/files/FayJWineryVarietals.jpg
GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?
To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.
* * *
Support GATA by purchasing
Stuart Englert's "Rigged"
"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --
https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...
-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
