NBC governor Chea Serey (out of frame) presents the latest updates about mobile banking payments on September 17. Niem Chheng
The holders of US dollar-only bank accounts will automatically have a Khmer riel account opened for them, free of charge, in the near future.
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In addition, all banks will issue a single KHQR code that can scan for payments in both riel and dollars, as confirmed by Chea Serey, governor of the National Bank of Cambodia (NBC).
This adjustment aims to promote the use of the riel and facilitate ease of payment for bank account holders. Previously, scanning between dollar and riel accounts or vice versa would involve currency exchange rates.
Speaking at a press conference on the afternoon of September 17, Serey noted that some bank account users were recently surprised when they found a new Khmer riel account available for them without their knowledge in their mobile app.
She clarified that the NBC has mandated all banks to open Khmer riel accounts for their customers free of charge, and that any fees charged would be the responsibility of each respective bank.
According to Serey, the requirement was announced six months ago, with many banks gradually implementing the change already. Initially, it was planned that all customers would have a riel account by September 19, but this date has been postponed for a short while.
Serey confirmed that the NBC will release an official statement soon, with an updated deadline.
At the same time, all banks will issue new KHQR codes for all vendors, which allow scanning from both riel and dollar accounts. If a customer uses their riel account to make a payment, the transaction will be processed in riel. However, if they use their dollar account, the transaction will be processed in dollars, with no currency conversion needed. Cross-payments will no longer be possible.
Serey explained the necessity of using riel accounts, stating: “Using the riel demonstrates national pride. Additionally, the national bank has agreements with many partner countries to facilitate cross-border payments. Only Khmer riel accounts can be used for these, as dollar payments cannot be processed.”
“This is why some people wonder why they cannot scan from their dollar accounts to UnionPay payments, for example,” she explained.
The NBC governor encouraged all citizens, companies and state institutions to increase their use of the riel, although she noted that the use of the national currency is not a mandatory requirement, as it in some other countries.
