News

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

Banking shows steady growth

Cambodia’s financial sector saw healthy growth last year with increased deposits and profits amid slower credit growth, reflecting sustainable development and increased public confidence in the sector, according to a recently released central bank report. ...

Hor Kimsay and Matthieu de Gaudemar
http://www.phnompenhpost.com/business/banking-shows-steady-growth

Traders urged to use riel

In an effort to boost the use of the riel, private companies have called on the National Bank of Cambodia (NBC) to ensure that all goods worth less than $100 are priced in riel. ...

Sok Chan
http://www.khmertimeskh.com/news/36683/traders-urged-to-use-riel/

Wing promotes Khmer riel circulation among its customers

Made by Cambodians for Cambodians, Wing (Cambodia) Limited Specialized Bank, the leading mobile banking services provider in Cambodia, is proud to join the National Bank of Cambodia (NBC) in promoting Khmer Riel usage among its customers across the country by establishing service charges, as well ...

Khmer Times Team
http://www.khmertimeskh.com/news/36594/wing-promotes-khmer-riel--circulation-among-its-customers/

IFC to boost corporate governance

The International Finance Corporation (IFC) launched a corporate governance initiative yesterday aimed at enhancing the efficiency of Cambodia’s private sector to strengthen the business climate and spur foreign investment and job creation, it said in a release. ...

Post Staff
http://www.phnompenhpost.com/business/ifc-boost-corporate-governance

Central bank sets interest rate ceiling, sparking fears

The National Bank of Cambodia announced on Monday that it would set an annual interest rate ceiling of 18 percent for all microfinance institutions (MFIs), sparking concerns that lenders would stop offering smaller loans that often keep the most financially vulnerable afloat. ...

Hang Sokunthea
https://www.cambodiadaily.com/news/central-bank-sets-interest-rate-ceiling-sparking-fears-126483/

Developing society and infrastructure

Two images on the back of the 500 riel banknote depict bridges, with the one on the left showing the Kingdom’s longest and most modern bridge, the Tsubasa (“Bird’s Wing”) Bridge linking Kandal and Prey Veng provinces. ...

Riel Gains
http://www.khmertimeskh.com/news/36412/developing-society--and-infrastructure/

Sathapana Bank proceeds with logo change

Sathapana Bank has pre-emptively removed its signature golden lion logo from all 162 branches nationwide as the private bank aims to deflect government criticism and avoid confusion as being identified as a state-owned institution, a bank executive said yesterday. ...

Hor Kimsay
http://www.phnompenhpost.com/business/sathapana-bank-proceeds-logo-change

Cambodia is ‘handicapped’ by dollarization

Cambodia is handicapped by the dollarization of its economy in three ways, according to Kith Sovannarith, Deputy Director General of Banking Supervision at the National Bank of Cambodia. ...

Riel Gains
http://www.khmertimeskh.com/news/36365/cambodia-is----handicapped----by-dollarization/

Transaction costs: Saving time and money

ambodia’s 700,000 garment workers are among those most affected by exchange-rate costs. Their monthly salaries are paid in US dollars, but most of their daily transactions are in riels. Moreover, because they send – on average – about 30 percent of their salaries back to ...

Khmer Times
http://www.khmertimeskh.com/news/36268/transaction-costs--saving-time-and-money/

New banknotes signal revival of national pride

In his office at the National Bank of Cambodia, Mr. Heng Bomakara recalls the early stages of the nation’s currency with fondness. He still remembers a time when coins were commonplace. First minted in aluminum and then later in steel, these coins are now a ...

Riel Gains
http://www.khmertimeskh.com/news/36156/new-banknotes-signal-revival-of-national-pride/

BRED bank to carve out a niche in the market

Bred Banque Populaire – part of the second-largest banking group in France – officially launched operations in Cambodia yesterday after a ribbon-cutting ceremony at its headquarters, marking the first venture of a European bank in the Kingdom since the late 1990s. ...

Hor Kimsay
http://www.phnompenhpost.com/business/bred-bank-carve-out-niche-market

Schools promote financial literacy

In an effort to promote financial literacy to students in primary and secondary schools, the National Bank of Cambodia (NBC) and the Ministry of Education, Youth and Sport yesterday officially launched the “Let’s Talk Money” comic book.​ ...

Sok Chan
http://www.khmertimeskh.com/news/35956/schools-promote-financial-literacy/

PM orders another logo change

Prime Minister Hun Sen yesterday ordered microfinance institute (MFI) Prasac, one of the largest in Cambodia, to change its logo immediately for fear that the public may confuse it as representing the government. ...

Sok Chan
http://www.khmertimeskh.com/news/35753/pm-orders-another-logo-change/

Industry leaders voice concern over sky-high cost of electricity

Private sector industry leaders speaking at an investment conference yesterday in the capital railed on the high cost of electrical power, which they said was sapping their competitiveness, while state officials offered assurances that state-backed power generation schemes would soon bring prices down. ...

Kali Kotoski
http://www.phnompenhpost.com/business/industry-leaders-voice-concern-over-sky-high-cost-electricity

Interbank lending gains traction

The central bank’s efforts to foster development of an interbank lending market appears to be taking off as the demand for negotiable certificates of deposits (NCDs) increased sharply last year, with the financial tool seeing wider usage among the Kingdom’s financial institutions. ...

Hor Kimsay
http://www.phnompenhpost.com/business/interbank-lending-gains-traction

Solid year to carry forward: NBC

The National Bank of Cambodia (NBC) released its review of 2016 and outlook for 2017 this week, highlighting the continued large growth of the banking sector while warning that the Kingdom was still vulnerable to external economic factors. ...

Matthieu de Gaudemar
http://www.phnompenhpost.com/business/solid-year-carry-forward-nbc

NBC issues prakas for riel loans

The National Bank of Cambodia (NBC) issued a prakas, or directive, last week instructing commercial banks and microfinance institutions to make out more riel loans to their customers, in a bid to promote the use of the national currency. The prakas, which took effect on Thursday, ...

Sok Chan
http://www.khmertimeskh.com/news/32828/nbc-issues-prakas-for-riel-loans/

China, Cambodia​ to share credit reports

The central banks of Cambodia and China are in talks to share customers’ credit reports in an effort to boost bilateral private investment, as a response to rising trade between the two countries. The National Bank of Cambodia (NBC) director general Chea Serey told Khmer Times ...

May Kunmakara
http://www.khmertimeskh.com/news/32409/china--cambodia----to-share-credit-reports/

Over 3.76B riel swapped in banknote exchange

The Central Bank announced on Monday that it exchanged 3.76 billion of old and worn Khmer riel banknotes (equivalent to $930,091) to new notes during its “Loving Riel Notes”, campaign which lasted five days during the Pchum Ben holiday. ...

Post Staff
http://www.phnompenhpost.com/business/over-376b-riel-swapped-banknote-exchange

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