News

Banks to expand amid sound macroeconomy

Some of Cambodia’s largest banks and financial institutions have announced plans to expand their businesses following solid macroeconomic performance so far this year. The National Bank of Cambodia (NBC) in July projected that the Kingdom’s economy is poised to have grown 7.1 per cent this year. ...

May Kunmakara
https://www.phnompenhpost.com/business/banks-expand-amid-sound-macroeconomy

Hun Sen: Kingdom always stays strong when aid cut

Prime Minister Hun Sen said on Thursday that under his leadership Cambodia had never fallen after countries withdrew aid, and that the Kingdom would continue to remain strong. Hun Sen was presiding over a ceremony at the Chaktomuk Theatre Hall in Phnom Penh to commemorate ...

Niem Chheng
https://www.phnompenhpost.com/national/hun-sen-kingdom-always-stays-strong-when-aid-cut

State Bank of Vietnam strengthens relations with Cambodian partner

The State Bank of Vietnam (SBV) and the National Bank of Cambodia (NBC) held a bilateral meeting in Phnom Penh, Cambodia on September 16 to exchange and share experiences on macroeconomic management, especially in finance and banking. ...

Nhan Dan Newspaper
https://en.nhandan.org.vn/business/item/7922402-state-bank-of-vietnam-strengthens-relations-with-cambodian-partner.html

World Bank: EU exports may decline up to $654M

The value of Cambodian exports to the EU is expected to decline between $513-$654 million per annum if the country’s tariff-free access is withdrawn, according to a World Bank report released on Monday. The World Bank’s assessment – made in a report named Cambodia Economic ...

Hor Kimsay
https://www.phnompenhpost.com/business/world-bank-eu-exports-may-decline-654m

Trade deficit grows once more

Cambodia’s trade deficit with the rest of the world continued to widen last year to $5.2 billion, as the Kingdom’s imports outstripped its exports once again, a National Bank of Cambodia (NBC) report released on Saturday said. The NBC figures revealed that the Kingdom imported $18.8 ...

Hor Kimsay
https://www.phnompenhpost.com/business/trade-deficit-grows-once-more

Firms back loan relief measures for victims

Representatives from the Kingdom’s microfinance sector on Sunday said the industry was keeping a close watch on those impacted by the Mekong River flooding, and that they were willing to take measures to reduce the financial burden on the victims. ...

Hor Kimsay
https://www.phnompenhpost.com/business/firms-back-loan-relief-measures-victims

PM: Ease debt load on flood victims

Prime Minister-designate Hun Sen on Thursday urged the National Bank of Cambodia (NBC) and the Ministry of Economy and Finance (MEF) to work with all microfinance institutions (MFIs) to find ways to ease debt burdens on those displaced from flooding in the Kingdom. ...

Hin Pisei
https://www.phnompenhpost.com/business/pm-ease-debt-load-flood-victims

Students to learn financial literacy

Cambodian students from grade 1 to 12 will begin studying basic financial skills starting in the 2019 academic year as the National Bank of Cambodia (NBC) is now finalising the curriculum. NBC director-general Chea Serey said Thursday that the new curriculum would help boost the ...

Hor Kimsay
https://www.phnompenhpost.com/business/students-learn-financial-literacy

Clothes exports kick into high gear

Cambodia’s garment and footwear exports recorded double-digit growth to some $4 billion in the first half of this year compared to the same period last year, a National Bank of Cambodia (NBC) report has said. Industry insiders have speculated that the growth could be due ...

Hor Kimsay
https://www.phnompenhpost.com/business/clothes-exports-kick-high-gear

NBC warns against unlicensed deposit schemes

The National Bank of Cambodia issued a letter on Wednesday clarifying that only seven microfinance institutions (MFIs) are licensed to accept deposits from the public. The notification came after the central bank noticed several “rural credit operators” – institutions smaller than a typical MFI that ...

Hor Kimsay
https://www.phnompenhpost.com/business/nbc-warns-against-unlicensed-deposit-schemes

Government timber figures belie ‘ban’ on Vietnam trade

A series of quarterly reports from the National Bank of Cambodia raises questions about the government’s ban on timber exports, as they show that last year, more than $5 million in sawn timber was exported from the Kingdom. The latest report, released earlier this month ...

Alessandro Marazzi Sassoon
https://www.phnompenhpost.com/national/government-timber-figures-belie-ban-exports

Government denies rumours of national cryptocurrency

Government officials today shot down rumours that Cambodia would be issuing its own national cryptocurrency, despite international media coverage and a high-profile government official’s plan to attend an event organized by the company responsible for the claims. ...

Hor Kimsay and Robin Spiess
http://www.phnompenhpost.com/business/government-denies-rumours-national-cryptocurrency

CBC says growth of credit charging ahead

Credit Bureau Cambodia (CBC) yesterday released its report for the fourth quarter of 2017, which showed significant growth in applications for credit, particularly in the credit card and mortgage sectors. ...

Brendan O’Byrne
http://www.phnompenhpost.com/business/cbc-says-growth-credit-charging-ahead

Deal for yuan trade with China in works

Officials in Cambodia and China’s Guangdong province are cooperating to establish trade using yuan instead of US dollars, part of the two countries’ increasingly close economic relationship. The suggestion to use yuan directly, instead of using US dollars as an intermediary currency, was made by ...

Hor Kimsay
http://www.phnompenhpost.com/business/deal-yuan-trade-china-works

New warning against digital coins issued

The Securities and Exchange Commission of Cambodia (SECC) yesterday warned the public against investing in cryptocurrencies such as Bitcoin, arguing that there is no regulation in place to manage the use of digital coins. ...

May Kunmakara
http://www.khmertimeskh.com/50102471/new-warning-against-digital-coins-issued/

Local bank and MFI sector continue their meteoric rise

In 2017 the local financial sector continued the strong growth that has characterised the industry in recent times, with commercial banks and microfinance institutions (MFIs) seeing a robust expansion in loans and deposits throughout the year, according to the National Bank of Cambodia’s (NBC) annual ...

Sok Chan
http://www.khmertimeskh.com/50100172/local-bank-mfi-sector-continue-meteoric-rise/

New rules for digital payments

The central bank has issued new regulations governing the licensing of payment services providers (PSPs), requiring that all firms providing online services to accept electronic payments have at least $2 million in registered capital, a move expected to increase the stability of the sector and ...

Hor Kimsay and Matthieu de Gaudemar
http://www.phnompenhpost.com/business/new-rules-digital-payments

A roadmap for financial growth

The government yesterday unveiled its financial sector development strategy for 2016 to 2025, which provides stakeholders with a document to evaluate the last decade of growth while outlining an action plan for the next decade. Chea Serey, director-general of the NBC, said the content of ...

Hor Kimsay
http://www.phnompenhpost.com/business/roadmap-financial-growth

Steady FDI helps keep economy on course

Total foreign direct investment receipts have remained consistent over the past five years, according to a new government report that incorporates central bank data. ...

Hor Kimsay
http://www.phnompenhpost.com/business/steady-fdi-helps-keep-economy-course

MFIs seek ministry support

The Ministry of Economy and Finance (MEF) is planning to form a joint committee chaired by government officials and microfinance institutions (MFIs) to promote small loan disbursements as the new 18 percent loan interest rate cap takes effect, according to an announcement released by the ...

Hor Kimsay
http://www.phnompenhpost.com/business/mfis-seek-ministry-support

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