Converting from US Dollar (USD) to Cambodia Riel (KHR)

What is US Dollar (USD)

The US Dollar (USD) is the official currency of the United States and serves as a global reserve currency. Introduced in 1792, it is one of the most widely used currencies in international transactions, making it an essential medium of exchange for businesses and individuals around the world. The symbol for the US Dollar is ＄, and its subunit is the cent (¢), with 100 cents making up one dollar.

The US Dollar is known for its stability and strength, influenced by factors such as the US economy, interest rates, and geopolitical events. Many countries use the US Dollar as their primary currency or peg their own currency to it. The dollar's stability makes it a preferred choice for savings, investments, and trade in many developing countries, including Cambodia.

What is Cambodia Riel (KHR)

The Cambodia Riel (KHR) is the official currency of Cambodia. It was first introduced in 1980 and has gone through several changes since then. The symbol for the Riel is ៛. The Riel is subdivided into 100 sen, although the sen is rarely used in everyday transactions today.

While the Riel is the official currency, the US Dollar is commonly accepted in Cambodia, especially in urban areas and for larger purchases. This dual currency system makes it important for travelers and local citizens alike to understand the exchange rates between the Riel and the US Dollar.

As of October 2023, the exchange rate hovers around

1 USD ≈ 4,100 KHR

, although this is subject to fluctuations based on economic conditions. The exchange rate can be influenced by factors such as inflation rates, trade balances, and monetary policy decisions in both the US and Cambodia.

For instance, when converting USD to KHR, one would take the amount in dollars and multiply it by the current exchange rate. For example, if someone converts ＄100 USD, they would receive approximately 410,000 KHR at the current rate.

It's important to note that while the Riel is used for small transactions and local markets, many businesses, including hotels and restaurants, may list prices in USD. This can lead to some confusion, especially for tourists unfamiliar with the local currency.

In conclusion, understanding the conversion between US Dollar and Cambodia Riel is essential for anyone planning to visit or do business in Cambodia. Familiarizing yourself with the current exchange rates and the context in which each currency is used will enhance your financial transactions and overall experience in the country.