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Foreign Exchange

1.   Restriction on the Foreign Exchange

 

The “Law on the Foreign Exchange” of September 1997 stipulates that “there shall be no restriction on foreign exchange operations” through authorized banks (Article 5) but the authorized banks shall report to the National Bank of Cambodia the amount of each transfer equaling or exceeding 10,000 US dollars (Article 17). Residents are allowed to hold foreign currencies freely (Article 7).

 

The import or export of raw gold, uncut precious stones or other raw precious metals shall be free but subject to prior declaration to the National Bank of Cambodia, and the import or export of the means of payment equaling or exceeding 10,000 US dollars in foreign currencies or the equivalent amount in domestic currency by a traveler shall be declared to customs officers (Article 12 & 13).

 

Loans and borrowings, including trade credits, may be freely contracted between residents and nonresidents as long as the loans disbursement and repayments are made through authorized banks (Article 18).

 

2.   Remittance

 

Article 11 of the Amended Law on Investment of 2003 guarantees that the QIPs (Qualified Investment Projects) can freely remit abroad foreign currencies, bought through the authorized banks, for the discharge of financial obligations incurred in connection with their investment. These obligations include;

–     Payment for imports and repayment of principal and interest on international loans;

–     Payment of royalties and management fees;

–     Remittance of profits; and

–     Repatriation of invested capital in case of dissolution.

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