Prakas November 22, 1993 Language and Currency Unit for Accounting Reports

REGULATION DATED NOVEMBER 22, 1993

ON THE USING OF LANGUAGE AND CURRENCY UNIT FOR ACCOUNTING TRANSACTIONS AND REPORTS

NBC 593 208 Prakas

The Governor of the National Bank of Cambodia,

Having seen the Law on Remaining, Reorganizing and Responsibilities of the National Bank of Cambodia promulgated by the Kret of the Council of State 14 Kr dated February 8, 1992;

Having seen the Law on Supervision of Financial Institutions promulgated by the Kret 89 KR dated August 27, 1992 of the Council of ministers;

Having seen the Anukret 19 ANKR dated June 22, 1992 on the organization and Operation of the National Bank of Cambodia;

Having seen the Anukret 29 ANKR dated November 16, 1992 on the Supervision of the Commercial Bank;

Decides:

Article 1:

All Commercial Banks shall prepare its accounting records in Riels and use the exchange rate as stated by the National Bank of Cambodia for each period (Buying rate).

Article 2:

In case any commercial Bank intends to use foreign currency shall use US Dollars.

In this case, Accounting records and all kinds of tables must be in two columns side by side, first column is in US Dollars and second Column is in Riels and with every general account must enclose details of the exchange rate.

Article 3:

The Accounting records mentioned in Article 1 and Article 2 and every reports (weekly, monthly, quarterly, semester and yearly) including every letter to the National Bank of Cambodia shall be in Khmer.

Article 4:

Unofficially for commercial Bank records and identification for running business Commercial Banks can use either English or French.

Article 5:

Any Prakas that contradicts this Prakas shall be null and void.

Article 6:

This Prakas shall be effective from this date 01 January 1994.

Signed & Sealed: Thor Peng Leath

Governor

National Bank of Cambodia