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esckþIepþIm IntroductionrUbiyvtßúCameFüa)aykNþalenAkñú

gTMnak;TMngdMenIrkaresdækic© nig bBaðam:aRkUesdækic© TaMgmUl. enAkñúgkarKitBIesdækic© eKEtgEtepþatGarmµN_eTAelI³ -sicT½rBit (Real sector)

]TahrN_³ Es,keCIg rfynþ nig sMPar³eRbIR)as;epSg²eTot>>>.l.-sicT½rhriBaØvtßú (Financial sector)

rfynþminGaceTAmux)anebIKµaneRbg cMEnkÉesdækic©TMenIbk_minGacekIteLIg)anEdrebIKµansicT½rhirBaØvtßú. A car won’t run without oil, a modern economy won’t operate without a financial sector.

GVICarUbiyvtßú? (What is Money?)

KWCaRTBühirBaØvtßú sMrab;karedaHdUrykTMnijdéTeTot. Money is a financial asset used to exchange for other goods

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Rbvtþirbs;rUbiyvtßúBIGtItkalmkdl;bc©úb,nñ

³ GoldsmithBarter

Banknote

Items as reference

Modern Money

cUrBicarNafa Rkdas;plbR½tmYyEdleKcat;TukfaCarUbiyvtßú enaHmanBakü Federal Reserve Note

Edlmann½yfaCabMNul (IOU- I owe you)

rbs;FnaKar Federal Reserve Bank (the Fed)

EdlCaFnaKarkNþalrbs;Gaemrik. ehIyeBlenHeKcat;Tuk Fed note

CarUbiyvtßú. dUcKñaenHEdr cMeBaHR)ak; erol rbs;FnaKarCatiénkm<úCa.

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edaHdUrKñadul(Barter / Le troc) KWCamUldæanénkaredaHdUrTMnijCamYyTMnij b¤ esvakmµCamYyesvakmµ ehIykaredaHdUrtam barter enHtMrUveGaymankarcg;)anRBm²Kña rvagGñkeFVIRbtibtþikarTaMgBIr. ]TahrN_³ karykman;dUrCamYyRCUk.Barter is the basis of swapping goods for goods or services for services, and exchange by barter requires a double coincidence of wants between the two transactors. Example: The swapping hens for pig

rbs;tMNag(As reference) edaysarmankarlM)akpÁab;citþkñúgkaredaHdUr enaHeK sMerceRCIserIsrbs;NaEdls¥at nig Tuk)anyUr ehIyGaceRbI)an nigCaBiessenaHman kareBjcitþTaMgGs;enAkñúgsgÁmenaH.-kareRbIstVBahn³ (Cattle) -

kareRbIsMbkex©Ax©g (Cowries shells)

-kareRbIeFµjRtI)aELn (Whales teeth) -

kareRbIeRKOgtubEtg (Manilas)

-kareRbIeRKOgejon (Wampum) -

kareRbIR)as;vtßúepSg²eTot (Other uses )

sMKal;³ kareRbIR)as;Es,kecomsMrab;Gab;luycMnYntic. Lampskin for small change

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enAkñúgkMLúgeBlsRgÁamsIuvilenAGg;eKøsBI 1642-1651 TUrEdkrbs;CagmasKWCakEnøg mansuvtßiPaBsMrab;kardak;epJIeRKOgGl½gÁkar duMmasb¤R)ak; nig kasepSg². karR)ab;eGay eTArkCagmasedIm,IsgR)ak;eTAeGayGtifiCnmñak;eTot EdleRkaymkRtUv)anGPivDÄn_eTA CamUlb,TanbR½t. dUcKñaenaHEdr bgáan;édrbs;CagmasminRKan;EtsMrab;dkR)ak;beBaØIeT EtEfmTaMgCaGMN³GMNagmYyGaccay)aneTotpg ehIyRbEhlCaenARtwmedImqñaM 1660 bgáan;édTaMgenHRtUv)anGPivDÄn_eTACa Rkdas;R)ak;FnaKar banknote.

“During the English Civil War, 1642-1651, the goldsmith’s safes were secure places for the deposit of jewels, bullion and coins. Instructions to goldsmiths to pay money to another customer subsequently developed into the cheque (or check in American spelling). Similarly goldsmiths 'receipts were not only for withdrawing deposits but also as evidence of ability to pay and by about 1660 these had developed into banknote.

m©as;FnaKarCaCagmas Goldsmith Bankers

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TMrg;rbs;rUbiyvtßú(Forms of Money) rUbiyvtßúRtUv)aneKEckCa 3 TMrg;KW³

muxgarrbs;rUbiyvtßú(Functions of

Money) rUbiyvtßúmanbMerInUvmuxgarsMxan;²KW³-meFüa)ayedaHdUr³ Medium of exchange

-ÉktaénKNnI³ Unit of account

-bnÞúktMél³ Store of value

-rUbiyvtßúCaplitpl³ Commodity money

-rUbiyvtßúCaRkdas;sac;R)

ak;³Convertible paper money

-rUbiyvtßúbeBaØI³ Deposit money

rUbiyvtßúeGLicRtUnik(E-money)

b½NÑrkSatMél (Stored-value card)

sac;R)ak;eGLicRtUnik (Electronic-cash)

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Currency (and travelers cheques)

Demand Deposits

NOW and similar interest-earning

chequeing accounts

Retail-type money market mutual fund

balances

Small time deposits

Saving deposits and money market deposit

accounts

M1

Overnight repurchase agreements (RPs)

Overnight Eurodollars

M2

Large time deposits

Whole-type money market mutual fund

balances

Term repurchase agreements (RPs)

Term Eurodollars

Federal government

Households

State and local government

Non-financial business

M1 M3M2Debt owed by

2-1-rUbiyb½NÑnigrUbiyvtßúkasIu(Currencies and Quasi-money):

Figure1 : smasPaKénrUbiyvtßú M1 & M2

& M3 enAkñúgRbeTsPaKeRcIn³

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rUbiyvtßúRbePTTI1(M1)

KWCaRbePTrUbiyvtßúdMbUgEdlrYmeday R)ak;begáIteLIgeday FnaKarkNþal nig FnaKarBaNiCkmµ. M1 = Currency + deposits

Money M1 is the first money composed of currency printed by the central bank and created by commercial banks. M1 = Currency + deposits

Coins

Paper Currency

Fiat money

Currency

DemandOr Checkable

Deposit

Traveler’s check

Other Checkable deposits

Deposit

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R)ak;kas

CarUbiyvtßúEdlmanTMrg;CakaseFVIBIelah³Fatu. Coin is the kind of money whose form is made of metal.

Rkdas;R)ak; CarUbiyvtßúEdleFVIBIRkdas; ehIy eKehAvafaCa rUbiyb½NÑRkdas;. Paper currency is the kind of money which is made of piece of paper.

tulüPaBKNnImUl,TanbR½t

CaR)ak;Edldak;epJIenAFnaKar EdleKGacehAfa beBaØItamtMrUvkar b¤ beBaØIcuHbBa¢I. vaRtUv)aneKcayvaytamkarkMnt;rbs;FnaKar.Checking Account balance is the money deposited in the banks, also is Demand deposit or Checkable deposit. It can be paid for through the bank stating.

sUmemIlenATMB½rTI 11 nig 167 dl; 186.

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mUlb,TanbR½trbs;GñkeTscrN_ CamUlb,TanbR½tEdlTUTat;edayGñkTij enAeBlmankarcMnay vamanÉktadUcrUbiyb½NÑEdr.

Traveler’s check is paid for by the purchasers at the time of transfer. It has the unit like currency.

R)ak;beBaØIcuHbBa¢IepSg²eTot CalixitbBa¢adksac;R)ak;. dUcCa NOWaccount. Other Checkable Deposit-OCD is the ordered bill to withdraw the cash. Such as NOW account.

rUbiyvtßúkasIuCarUbiyvtßúEdlbegáIteLIgedayFnaKarÉkCn EtvaRtUv)anRtYtBinitü nig KaMBarCasaFarN³edayrdæaPi)al.

Quasi-money is the money which is owned by private banks but it is controlled publicly by the government.

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Quasi-money

Time DepositOr

Fixed Deposit

Small-denomination time deposit

Large-denomination time deposit

Mutual FundOvernight Repurchase Agreement

Term Repurchase Agreement

Saving Deposit

Statement saving deposit

Passbook saving deposit

EurodollarOvernight Eurodollar

Term Eurodollar

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kardkRsg;GRtakarR)ak;beBaØI DEPOSIT INTERST EXTRACTS

tamkarkMnt;rbs;RksYgesdækic©nighirBaØvtßú karR)ak;énKNnIsnSMKµankalkMnt;RtUvbg; BnØelIkarR)ak;cMnYn 5%

cab;taMgBIEx mifuna 1998 nig 15% elIKNnI mankalkMnt; EdlRtUv)aneKGnuvtþcab;taMgBI ExsIha 2002.In pursuance of a circular issued by the Ministry of Economy and Finance, a 5% income tax has been applied on the interest earned by non-fixed term savings account since June 1998, and 15% withholding tax of fixed deposits has been subjected since August 2002.

Type US Dollar RIEL A/C BAHT A/C GOLD A/C

Saving 0.75%Yearly 2% Yearly 1.75% Yearly 1.75% Yearly

1 Month Fixed 1% Yearly % Yearly 2% Yearly 3% Yearly

3 Month Fixed 2% Yearly 5% Yearly 4% Yearly 4% Yearly

6 Month Fixed 3% Yearly 6% Yearly 5% Yearly 5% Yearly

1 Year Fixed 4% Yearly 7% Yearly 6% Yearly 6% Yearly

FnaKarsUmrkSasiTiØ

enAkñúgkarEkERbbTbBaØtþi nig lkçx½NÐxagelIenH.

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KNnIsnSM KWCaxÞg;R)ak;beBaØIEdlTTYl)ankarR)ak; ehIyGacdkvij)anRKb;eBl EtvaBuM GnuBaØateGaym©as;eRbImUlb,TanbR½teT. vamanCar)aykarN_ nig esovePASaving deposit is the deposit earned the interest and can be withdrawn but it is allowed the owner to use checks. It is statement and passbook.

KNnIsnSMedaymanr)aykarN_ KWCaxÞg;R)ak;beBaØIEdl kardak;epJI nig kardk RBmTaMgkarR)ak; RtUv)aneKCUndMNwgCaerogral;Ex.

Statement Saving deposit is the deposit whose deposit, withdraw, and interest are informed every month.

KNnIsnSMedaymanesovePA KWCaxÞg;R)ak;beBaØIEdltMrUveGaym©as;bgðajesovePA enAeBldak; nig epJIR)ak;.

Passbook Saving deposit is the deposit which is required the owner to show the book when depositing and withdrawing..

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KNnImaneBlkMnt; KWCaxÞg;R)ak;beBaØIEdlTTYl)ankarR)ak; ehIyminGacdkvij)an luHRtaEtdl;RKb;eBlkMnt;. vamanBIr KW TMhMtUc nig TMhMFM.Time or Fixed deposit is the deposit earned the interest and cannot be withdrawn until maturity date. It has both large and small one.

KNnImaneBlkMnt;TMhMtUc KWCaxÞg;R)ak;beBaØIEdlTTYl)ankarR)ak; EdleKGac ehAfa lixitbBa¢ak;R)ak;beBaØI. vaGacbþÚreTACa beBaØItamtMrUvkar b¤ rUbiyb½NÑ)an.Small-denomination time deposit is the deposit earned the interest, can be called Certificate of Deposit-CDs. It can be changed into demand deposit or currency.

KNnImaneBlkMnt;TMhMFM (LDTD) KWCaxÞg;R)ak;beBaØIEdldUcnwgTMhMtUc Etva RtUvmancMnYnTwkR)ak;cab;BI 100 000duløar eLIgeTA.Large-denomination time deposit (LDTD) is the deposit similar to the small one but it must have the deposit of over 100,000 $.

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sgÁhFn CamUlniFiEdlRtUv)aneKeRbIR)as;edayGñkmanGaCIBhirBaØvtßú eTAtameKaledA rbs;eK dUcCa Tij b¤ lk; mUlbR½t. vaGacCa ORP & TRP Mutual Fund is the fund used by financial careers responding to their goals such as selling and buying the securities. It can be ORP & TRP

karRBmeRBogTijRtlb;vijkñúgry³eBlBIrb¤éf¶(ORP)Overnight Repurchase Agreement (ORP) is the agreement of buying and selling the bill from financial institutions at a higher price including accumulated interest.

sUmGanenACMBUkTI2 ¬RTBühirBaØvtßú¦

karRBmeRBogTijRtlb;tamlkçx½NÐ (TRP) vaRsedognwgmYyéf¶Edr Etva sMrab;Etry³eBlyUrCagenH GacmYys)aþh_ b¤ mYyEx.Term Repurchase Agreement (TRP) is similar to overnight but it is for longer than, a week or month.

-Overnight Eurodollar -Term Eurodollar

sUmGanenACMBUkTI2 ¬RTBühirBaØvtßú¦

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rUbiyb½NÑkm<úCa nig breTs Foreign

and Cambodian Currency

In January 1999, the central banks of the eleven euro nations—Belgium, Finland, France, Germany, Ireland, Italy, Luxembourg, Netherlands, Portugal, and Spain– became the subordinate to the the European Central Bank (ECB), located in Frankfurt, Germany.

The ECB consists of two bodies, an executive board and governing council in the mandate for five years minimum, are made by majority vote.

Objectives:-price stability-specifically inflation target of 2% or less.-loans for banks of members

Condition:Banks must keep deposit at central bank a minimum reserve

requirement of 29% before outstanding loans.

Birth of Euro System

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kardkRsg;BIrUbiybN½Ñrbs;RbeTsmYycMnYnEdleRbIR)as;Rkdas;R)ak;³ sUmemIlTMB½r 207

RbeTs(Country) rUbiyb½NÑ (Currency) GkSrtag(Short

form) 1-km<úCa (Cambodia)

erol Riel ` R

2-m:aeLsIu (Malaysia)

rIghÁIt RinggitRM

3-mIya:n;ma: (Myanmar)

cat; Kyat (Voice: Chat)Ky

4-hVIlIBIn (Philippines)

eb:sU PesoP

5-sigðbUrI (Singapore)*

dulaørsigðbUrI Singapore dollar ( Coins)

S$

6-éf (Thailand) )at BahtB

7-evotNam (Vietnam)

dug Dongd

8-Lav (Laos) KIB the KipK

9-Rb‘uyeN (Brunei)*

duløarRb‘uyeN Brunei dollar

B$

10-\NÐÚensIu (Indonesia)

rUBI RupiahRp

11-Gaemrik (USA)

duløar DollarUS$

12-Cbu:n (Japan) ey:n Yen¥

13-Gg;eKøs (UK)

epan Poud£

14-)araMg (France)

RhVg; FrancF

15-GURsþalI (Australia)

duløarGURsþalI Australian dollar

A$

16-shKmn_GWr:ub (Europ)

GWrU: EURO€

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PaBxusKñarvagrUbiyvtßúnigb½NÑ\NTan³ rUbiyvtßúCabMNulrbs;FnaKar cMEnkÉ b½NÑ\NTan CabMNulrbs;GtifiCn. Money is the debt of banks but Credit card is the debt of customers.

sUmemIlenATMB½rTI 18 nig TMB½rBITI 128 dl; 196.

How to control and use the credit card safely

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sar³sMxan;énrUbiyvtßú(Significance of Money) CaeRbgrMGilsMrab;ma:sIun.

rUbiyvtßúnigRbsiTæPaB(Money and Efficiency):

brimaNrUbiyvtßú CaGñkkMrit nig CMrujéføekIn b¤ fy eTAtambMngpÁt;pÁg; nig eRbIR)as;.

karpÁt;pÁg;rUbiyvtßúEdlRbesIrbMput(Optimal Supply of Money):

kMenInrUbiyvtßú nwgEk snÞnIyPaB cMnayelIRTBüBit nig RTBühirBaØvtßú.

RTBüskmµd_RbesIrrbs;rUbiyvtßú(Desired Property of Money):

-lTæPaBGackan;yYr)an (Portability) -lTæPaBCab;)anyUr (Durability)

-lTæPaBEckcay)an (Divisibility) -lTæPaBxñatKMrU (Standardizibility) -lTæPaBTTYlsÁal; (Recognizability or Legal Tender)

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bMErbMrYltMélrUbiyvtßú(Changes in the value of Money) karERbRbYltMél rUbiyvtßúeTalTn;eTAtamGtiprNa nig britprNa. -karEbgEckRTBünigR)ak;cMnUleLIgvij KW Vm Ireal if Dsuccess Pp

-\TææiBlelIplitkmµ KW P B

-\TææiiBlelIGRtakarR)ak; KW Pp r

mUlehtuEdlnaMeGaymankarERbRbYltMél GacbNþalbNþalmkBIeKalneya)ay rbs;rdæaPi)alEdr. -RTwsþIbrimaNrUbiyvtßú (Theory of Money Quantity)

CaeCOfa Qm while UnemploP Vm -RTwsþIR)ak;cMnUlrbs;ekn (Income Theory of Keynes)

Kat;eCOfa Qm while EcoI while Tax