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Local money is almost worthless in these countries

Lovemoney Logo By lovemoney staff of Lovemoney | Slide 3 of 21: As part of a peacekeeping mission in 1992, $1.7 billion (£966m) flowed into Cambodia courtesy of the United Nations Transitional Authority in Cambodia and foreign investment in the country has been on the up and up ever since. The riel rode on the back of the dollar’s strength, to the extent that American money has since become Cambodia’s de facto currency. More than four decades after its introduction, the government is pushing for the riel to once again become the predominant currency.  In 2015 the National Bank of Cambodia unveiled a new strategy to encourage citizens to use riel and the country is currently going through a de-dollarisation process that involves phasing out small denominations of US bills. Cambodia also launched its 'Bakong' digital currency in October 2020. With 5.9 million users, according to NBC, it's one of only two central bank digital currencies in the world. As it stands, $1 is currently equivalent to 4,086.49 Cambodian riel. 

Cambodian Riel: $1 = 4,086.49 KHR

As part of a peacekeeping mission in 1992, $1.7 billion (£966m) flowed into Cambodia courtesy of the United Nations Transitional Authority in Cambodia and foreign investment in the country has been on the up and up ever since. The riel rode on the back of the dollar’s strength, to the extent that American money has since become Cambodia’s de facto currency. More than four decades after its introduction, the government is pushing for the riel to once again become the predominant currency. 

In 2015 the National Bank of Cambodia unveiled a new strategy to encourage citizens to use riel and the country is currently going through a de-dollarisation process that involves phasing out small denominations of US bills. Cambodia also launched its 'Bakong' digital currency in October 2020. With 5.9 million users, according to NBC, it's one of only two central bank digital currencies in the world. As it stands, $1 is currently equivalent to 4,086.49 Cambodian riel. 

© Herwin Bahar/Zuma Press/PA Images

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