Second riel (1979-date)
The second Cambodian riel is the official currency of Cambodia, introduced on March 20, 1980 (though banknotes carry the 1979 date) following the overthrow of the Khmer Rouge regime.
Key Facts
- Introduction Date: March 20, 1980 (Central bank re-established as the People's Bank of Kampuchea on October 10, 1979)
- Preceded by: A period from 1975 to 1980 when money was abolished under the Khmer Rouge, and an earlier first riel (1953–1975).
- Subunits: Kak (1/10 riel) and sen (1/100 riel), though these are no longer in common use due to inflation. [1]
- Exchange Rate Context: The riel floats alongside the U.S. dollar, which is heavily used for day-to-day commercial transactions in Cambodia.
- Issuing Authority: Managed by the National Bank of Cambodia (which succeeded earlier state banking entities).
History and Background
- Abolition of Money: During the Khmer Rouge/Democratic Kampuchea period (1975–1979), the concept of money, banks, and open markets was completely eradicated.
- Transition & Return: After Vietnamese forces and the Kampuchean United Front overthrew the Pol Pot regime in early 1979, local trade initially relied on bartering rice, gold, Thai baht, Vietnamese dong, and U.S. dollars.
- First Issue (1979/1980): The new government printed a series of smaller denominations (including kak and low-value riel notes dated 1979) to restart a centralized state economy, which officially re-entered circulation on March 20, 1980.
