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EXCHANGE RATES

HISTORY OF RIEL

During the Second World War, French Indochina (Cambodia, Laos, and   Vietnam) and Thailand, though occupied by Japanese troops, did not have   Japanese occupation currency; rather, they paid a kind of ransom by   creating domestic currency and giving it to Japan to pay for local   expenses. The Piastre was divisible into 100 Cents.

After the war, France initially revalued the Piastre to equal 17   French Francs, but the Piastre was devalued back to its old level of 10   French Francs on May 11, 1953. On December 31, 1951 the exclusive   privilege of banknote issue was transferred to the <em>Institut   d’Émission des États du Cambodge, du Laos et du Viêt-Nam</em>, which   also had its headquarters in Phnom Penh. Although separate notes were   issued for Cambodia, Laos and Vietnam, the notes were legal tender in&nbs

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