Thailand Wants to Sell Coins to Kingdom

Thailand Wants to Sell Coins to Kingdom

Khmer Times/May Kunmakara

Monday, 04 April 2016

Cambodia has coins in circulation but they are not widely used and not popular. Supplied

Thailand plans to negotiate with the four-younger countries of ASEAN – Cambodia, Laos, Myanmar and Vietnam (CLMV) – to push them to use coins in their economies, minted in Thailand.

Thai Treasury department deputy director-general Werawut Scriptoria said officials will tour Laos and Cambodia this year to propose new coin designs and specifications to the relevant authorities. The treasury had made similar trips to encourage the CLMV countries to reissue coins last year, Mr. Werawut said.

“These four countries used to circulate coins; we would like to invite them to visit our mint in Thailand and convince them to reissue coins,” said Mr. Werawut.

He said coins last up to 20 years but banknotes last only one or two years.

“We will mint the coins if the CLMV countries decide to reissue coins for their currencies. These countries place a high level of trust in Thailand and the logistics cost to transport the coins there won’t be that high,” said Mr. Werawut.

National Bank of Cambodia (NBC) director-general Chea Serey, told Khmer Times, yesterday that she has not received any direct contact from the Thais over the issue of minting coins.

“We have not heard from our Thai counterparts or anyone else,” she said “so we cannot comment or speculate on the purpose of their visit.”

She said Cambodia already had coins in circulation, but they were not widely used and were not popular.

“Cambodia already has coins in circulation,” she said. “The NBC has 50 riel, 100 riel, 200 riel and 500 riel coins currently in circulation. However, because there is no demand, those coins mainly stay in our vault.”

“The use of coins is generally less expensive than paper notes because they last longer. However, it is not easy to store because it is heavy. In other countries coins are used for vending machines, etc. But in Cambodia there is no such demand.”

The Thai treasury issues 1.3 billion coins every year, 15 percent of that commemorative coins, Mr. Werawut said.