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2. 2 esckþIepþIm Introduction rUbiyvtßúCameFüa)aykNþalenAkñúgTM nak;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)anEdre bIKµansicT½rhirBaØvtßú. 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

3. 3 Rbvtþirbs;rUbiyvtßúBIGtI tkalmkdl;bc©úb,nñ³ Goldsmith Barter Banknote Items as reference Modern Money  cUrBicarNafa Rkdas;plbR½tmYyEdleKcat;TukfaCarUb iyvtßú 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.

4. 4 edaHdUrKñadul (Barter / Le troc) KWCamUldæanénkaredaHdUrTMnijCa mYyTMnij 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;citþkñúgkare daHdUr 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;luyc MnYntic. Lampskin for small change

5. 5 enAkñúgkMLúgeBlsRgÁamsIuvilenAGg; eKøsBI 1642-1651 TUrEdkrbs;CagmasKWCakEnøg mansuvtßiPaBsMrab;kardak;epJIeRKOg Gl½gÁkar duMmasb¤R)ak; nig kasepSg². karR)ab;eGay eTArkCagmasedIm,IsgR)ak;eTAeGayGti fiCnmñak;eTot EdleRkaymkRtUv)anGPivDÄn_eTA CamUlb,TanbR½t. dUcKñaenaHEdr bgáan;édrbs;CagmasminRKan;EtsMrab; dkR)ak;beBaØIeT EtEfmTaMgCaGMN³GMNagmYyGaccay )aneTotpg ehIyRbEhlCaenARtwmedImqñaM 1660 bgáan;édTaMgenHRtUv)anGPivDÄn_eT ACa 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

6. 6 TMrg;rbs;rUbiyvtßú (Forms of Money) rUbiyvtßúRtUv)aneKEckCa 3 TMrg;KW³ muxgarrbs;rUbiyvtßú (Functions of Money) rUbiyvtßúmanbMerInUvmuxgarsMxan;² KW³ -meFüa)ayedaHdUr³ Medium of exchange -ÉktaénKNnI³ Unit of account -bnÞúktMél³ Store of value -rUbiyvtßúCaplitpl³ Commodity money - rUbiyvtßúCaRkdas;sac;R)ak; ³ Convertible paper money -rUbiyvtßúbeBaØI³ Deposit money rUbiyvtßúeGLicRtU nik (E-money) b½NÑrkSatMél (Stored- value card) sac;R)ak;eGLicRtU nik (Electronic-cash)

7. 7 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 M1M3M2 Debt owed by 2-1- rUbiyb½NÑnigrUbiyvtßúkasIu (Currenci es and Quasi-money): Figure1 : smasPaKénrUbiyvtßú M 1 & M 2 & M 3 enAkñúgRbeTsPaKeRcIn³

8. 8 rUbiyvtßúRbePTTI1 (M 1 ) KWCaRbePTrUbiyvtßúdMbUgEdlrYmed ay R)ak;begáIteLIgeday FnaKarkNþal nig FnaKarBaNiCkmµ. M 1 = Currency + deposits Money M 1 is the first money composed of currency printed by the central bank and created by commercial banks. M 1 = Currency + deposits Coins Paper Currency Fiat money Currency Demand Or Checkable Deposit Traveler’s check Other Checkable deposits Deposit

9. 9 R)ak;kas CarUbiyvtßúEdlmanTMrg;CakaseFV IBIelah³Fatu. 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.

10. 10 mUlb,TanbR½trbs;GñkeTscrN_ CamUlb,TanbR½tEdlTUTat;edayGñk Tij 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. rUbiyvtßúkasIu CarUbiyvtßúEdlbegá IteLIgedayFnaKarÉkCn EtvaRtUv)anRtYtBinitü nig KaMBarCasaFarN³edayrdæaPi)al. Quasi-money is the money which is owned by private banks but it is controlled publicly by the government.

11. 11 Quasi- money Time Deposit Or Fixed Deposit Small-denomination time deposit Large-denomination time deposit Mutual Fund Overnight Repurchase Agreement Term Repurchase Agreement Saving Deposit Statement saving deposit Passbook saving deposit Eurodollar Overnight Eurodollar Term Eurodollar

12. 12 kardkRsg;GRtakarR)ak;beBaØI DEPOSIT INTERST EXTRACTS tamkarkMnt;rbs;RksYgesdækic©nighirBaØ vtßú 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. TypeUS DollarRIEL A/CBAHT A/CGOLD A/C Saving 0.75%Yearly2% Yearly1.75% Yearly 1 Month Fixed 1% Yearly% Yearly2% Yearly3% Yearly 3 Month Fixed 2% Yearly5% Yearly4% Yearly 6 Month Fixed 3% Yearly6% Yearly5% Yearly 1 Year Fixed 4% Yearly7% Yearly6% Yearly FnaKarsUmrkSasiTi Ø enAkñúgkarEkERbbTbBaØtþi nig lkçx½NÐxagelIenH.

13. 13 KNnIsnSM KWCaxÞg;R)ak;beBaØIEdlTTYl)ankarR )ak; ehIyGacdkvij)anRKb;eBl EtvaBuM GnuBaØateGaym©as;eRbImUlb,TanbR ½teT. vamanCar)aykarN_ nig esovePA Saving 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..

14. 14 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;beBaØIEdldUcnwgTMh MtUc 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 $.

15. 15 sgÁhFn CamUlniFiEdlRtUv)aneKeRbIR)as;eday GñkmanGaCIBhirBaØvtßú 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;vijkñúgry³eBlB Irb¤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¦

16. 16 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

17. 17 kardkRsg;BIrUbiybN½Ñrbs;RbeTsmYyc MnYnEdleRbIR)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 Ringgit RM 3-mIya:n;ma: (Myanmar) cat; Kyat (Voice: Chat) Ky 4-hVIlIBIn (Philippines) eb:sU Peso P 5-sigðbUrI (Singapore)* dulaørsigðbUrI Singapore dollar ( Coins) S$ 6-éf (Thailand) )at Baht B 7-evotNam (Vietnam) dug Dong d 8-Lav (Laos) KIB the Kip K 9-Rb‘uyeN (Brunei)* duløarRb‘uyeN Brunei dollar B$ 10-\NÐÚensIu (Indonesia) rUBI Rupiah Rp 11-Gaemrik (USA) duløar Dollar US$ 12-Cbu:n (Japan) ey:n Yen ¥ 13-Gg;eKøs (UK) epan Poud £ 14-)araMg (France) RhVg; Franc F 15-GURsþalI (Australia) duløarGURsþalI Australian dollar A$ 16- shKmn_GWr:u b (Europ) GWrU: EURO €

18. 18 PaBxusKñarvagrUbiyvtßúnigb½NÑ\N Tan³ 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

19. 19 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;rUbiyvtßúEdlRbesIrbMp ut (Optimal Supply of Money) : kMenInrUbiyvtßú nwgEk snÞnIyPaB cMnayelIRTBüBit nig RTBühirBaØvtßú.  RTBüskmµd_RbesIrrbs;rUbiyvtßú (Des ired Property of Money) : - lTæPaBGackan;yYr)an (Portability) - lTæPaBCab;)anyUr (Durability) - lTæPaBEckcay)an (Divisibility) - lTæPaBxñatKMrU (Standardizibility) - lTæPaBTTYlsÁal; (Recognizability or Legal Tender)

20. 20 bMErbMrYltMélrUbiyvtßú (Changes in the value of Money) karERbRbYltMél rUbiyvtßúeTalTn;eTAtamGtiprNa nig britprNa. -karEbgEckRTBünigR)ak;cMnUleLIgvij KW V m   I real  if D success  P p  -\TææiBlelIplitkmµ KW P      B  -\TææiiBlelIGRtakarR)ak; KW  P p   r mUlehtuEdlnaMeGaymankarERbRb YltMél GacbNþalbNþalmkBIeKalneya)ay rbs;rdæaPi)alEdr. -RTwsþIbrimaNrUbiyvtßú (Theory of Money Quantity) CaeCOfa Q m  while U nemplo   P   V m  -RTwsþIR)ak;cMnUlrbs;ekn (Income Theory of Keynes) Kat;eCOfa Q m  while E co   I  while T ax 