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Everyone knows the exchange rate of 4,000 KHR/US$ for retail trade, with riel paid out for change in fractions of a dollar. [1] In June 2020, the National Bank of Cambodia announced the phaseout from wide circulation of small U.S. dollar banknotes of $1, $2 and $5. [4]
Cambodia's economic revolution was much more radical and ambitious than that in any other communist country. In fact, Khmer Rouge leader Premier Ieng Sary explained that Cambodia wanted "to create something that never was before in history. No model exists for what we are building. We are not imitating either the Chinese or the Vietnamese model."
In Cambodia, US notes circulate freely and are preferred over the Cambodian riel for large purchases, [27] [28] with the riel used for change to break 1 USD. After the U.S. invasion of Afghanistan, U.S. dollars were accepted as if legal tender, but in 2021 the Taliban government banned the use of foreign currencies. [29]
Cambodia's central bankers are riding their hopes of de-dollarization on a national payments blockchain: Project Bakong. Cambodia Plots a Dollar-Free Future With Blockchain-Based Payments: White Paper
Cambodia had a gross domestic product (GDP) of $28.54 billion in 2022. [18] Per capita income, although rapidly increasing, is low compared with most neighboring countries. Cambodia's two largest industries are textiles and tourism, while agricultural activities remain the main source of income for many Cambodians living in rural areas. [19]
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HGTV home renovation stars Jonathan and Drew Scott – best known as the Property Brothers – are fearful that Trump’s proposed tariffs could send construction costs soaring. The brothers ...
In March 2009, the Royal Government of Cambodia and Korea Exchange signed a "Joint-Venture Agreement" to establish a stock market ("The Cambodia Securities Exchange Co., Ltd"). The Cambodia Securities Exchange was then incorporated on 23 February 2010. The MEF owns 55% of the registered capital and KRX the remaining 45%.