Central Banks and Cash Round-Up

The focus for this month’s summary of news from central bank annual reports for 2024 and other sources is Asia, with information from Cambodia, Kazakhstan, the Philippines and Thailand.

National Bank of Cambodia (NBC)

Cash management: the amount of Cambodian riel (KHR) banknotes supplied to the NBC’s branches increased by 10.6% in 2024, while the return of old, torn, and excess riels to the NBC’s headquarters increased by 34%. Meanwhile, the supply of US dollars to the NBC’s branches increased by 24.9%, and the return of dollars to the NBC’s headquarters by 31% compared to 2023.

Cash deposits and withdrawals in both riels and dollars reported an increase (see graph below). Cash deposits in riels increased by 16.7%, and dollars by 19.3%. In terms of withdrawal, the two currencies saw an increase of 7.5% and 17% respectively.

Public Outreach: to enhance public awareness, the exchange of old and torn banknotes for the public through the Bakong system (the national digital payment infrastructure) was implemented in Phnom Penh and 19 of the NBC’s branches, culminating in 9,473 transactions, including a total of KHR 3.9 billion deposited into Bakong accounts and payments made through KHQR. Given the significant public engagement, this initiative is expected to lead to wider usage of the Cambodian currency versus US dollars.