In order to maintain the interest of tourists and general public in Cambodia to avoid the exploitation of exchange rates among of the money exchange shops, and all currency conversation business, National Bank of Cambodia (BNC) announced that money exchange shops must show license.
Chea Chanto, NBC’s governor, also has warned tourists and the public to be careful of being defrauded by unlicensed money changers along Cambodia’s borders.
According to the announcement of NBC, “in order to guarantee personal interests and prevent accidental losses, the public should be careful, and in case of requiring the exchange of money, please, the public must change in shops that show their license, which is issued by the National Bank of Cambodia.”
The Phnom Penh Post quoted Chea Chanto as saying that “to avoid eventually losing out, customers should have their money exchanged at booths displaying operating licenses from the central bank.”
According to the notice, a few money changing shops, particularly along the border with Thailand have cheated visitors and have even passed counterfeit Cambodian riel to customers.
NBC inspection of money-changing racket on the Kingdom’s borders found many offered exchange rates far below the market rate, some as low as 2,500 riels for US$1. A dollar was worth 4,167 riels Monday, the Post reported.