Phnom Penh (FN), Oct. 10 – Prime Minister Hun Sen has recalled the most frustrating time of Cambodia situation after liberating from Pol Pot regime, speaking Thursday on the occasion of the 40th Anniversary of the establishment of National Bank of Cambodia.
The premier stated that after Pol Pot regime, Cambodia did not have currency to spend, but exchanged goods with one another.
“We begin by exchanging goods for goods. Those who have fish exchanged for rice and exchange rice for clothes. After that, we start to use Vietnamese Dong and Thai Baht at the borders; then American Dollars and French Francs flow in,” the premier addressed before 600 attendees including foreign distinguished guests and development partners at Chaktomuk Conference Hall.
Strongman Hun Sen continued that Cambodia received monetary independence on 23 December 1954, leading to the establishment of National Bank and successful circulation of Khmer Riel currency in September 1955.
The Khmer Riel was completely eliminated during Genocidal Regime 1975-1979. In January 1979 the National Bank of Cambodia re-established, yet under economic and political sanctions of the international community. It was until 20 March 1980 that the Khmer Riel re-circulated.
According to Prime Minister, Cambodia implemented market economy in 1993 in accordance with the new Constitution. The Central Bank was changed to its original name as National Bank of Cambodia, serving as the authority to manage banking system. Other commercial banks and financial institutions provide financial services to people.