News

Ministry: SMEs vital to economy, but 95% not registered

Small and Medium Enterprises (SMEs) are key factors in the Kingdom’s industrial sector growth, but around 95 per cent of Cambodia’s SMEs have not been properly registered, the Ministry of Industry and Handicraft said on Friday. ...

Hin Pisei
https://www.phnompenhpost.com/business/ministry-smes-vital-economy-95-not-registered

Despite election uncertainty, exports achieve solid growth

Exports of garment and footwear products achieved solid growth during the first half of the year, expanding by 9.3 percent. According to the Ministry of Commerce, exports from the country’s garment industry were valued at $3.7 billion during the first six months of the year. ...

May Kunmakara
https://www.khmertimeskh.com/50517748/despite-election-uncertainty-exports-achieve-solid-growth/

MFIs watch rice loans

The country’s financial institutions are closely monitoring loans that have been made to rice farmers, who say that this year’s fall in rice prices will affect their ability to make repayments, industry officials said yesterday. Last year, farmers were paid around 840 riel ($0.21) per kilogram ...

May Kunmakara
http://www.khmertimeskh.com/news/30035/mfis-watch-rice-loans/

Cambodia, China sign new MoU on money laundering

Cambodia and China last week signed an agreement to exchange financial intelligence to combat money laundering and terrorism financing, though experts said the Kingdom should still be doing more to tackle an issue that has long persisted in the country, in part, due to local ...

Yesenia Amaro
http://www.phnompenhpost.com/national/cambodia-china-sign-new-mou-money-laundering

Control credit, says Moody's

While Cambodia’s Moody’s rating is still at the same B2 level as last year, its economic growth has been downgraded two points from 2015, with the international credit rating agency warning that the Kingdom’s rapid pace of credit growth could pose financial stability risks. “The pace ...

May Kunmakara
http://www.khmertimeskh.com/news/28970/control-credit--says-moody-s/

Anti-money laundering plan

With the deadline for a second review by a global task force of the government’s efforts to combat money laundering and terrorism financing fast approaching, the Kingdom’s central bank yesterday conducted a workshop with banks, financial institutions and state agencies to flesh out a strategy ...

Sok Chan
http://www.khmertimeskh.com/news/28845/anti-money-laundering-plan/

Central Bank projects 7.1% growth in 2H16

The National Bank of Cambodia held a seminar on the state of the economy in the first half of the fiscal year on Saturday, forecasting 7.1 per cent GDP growth for the rest of the year. ...

Post Staff
http://www.phnompenhpost.com/business/central-bank-projects-71-growth-2h16

Review finds economy resilient to challenges

The National Bank of Cambodia released its annual report yesterday, citing strong growth in 2015 despite challenging economic circumstances caused by a Chinese economic slowdown, increased regional competitiveness and the appreciation of the US dollar. ...

Matthieu de Gaudemar
http://www.phnompenhpost.com/business/review-finds-economy-resilient-challenges

Central bank allays dollar concerns

The National Bank of Cambodia responded to rumours yesterday that local banks were no longer accepting US dollar banknotes with minor imperfections, such as small tears, creases or ink stamps, stating that the central bank had not changed its policies. ...

Hor Kimsay
http://www.phnompenhpost.com/business/central-bank-allays-dollar-concerns

South korean bank eyes Cambodia

The South Korea-based Nong Hyup Bank plans to open a branch in the Kingdom and will focus on investments and loans in the agriculture sector, according to a senior official in the Ministry of Agriculture. ...

May Kunmakara
http://www.khmertimeskh.com/news/25465/south-korean-bank-eyes-cambodia/

Current account deficit rises to $542M in 4Q15

Cambodia’s current account balance deficit was the equivalent of $542 million in the fourth quarter of 2015, the equivalent of 11.5 per cent of GDP, the National Bank of Cambodia said in a report released yesterday.   ...

Post Staff
http://www.phnompenhpost.com/business/current-account-deficit-rises-542m-4q15

National Bank of Cambodia for Kampot provincial branch inaugurated

A newly-constructed two-storey building of Kampot provincial branch of the National Bank of Cambodia inaugurated this morning to welcome clients. ...

The Cambodia Herald News Staff
http://thecambodiaherald.com/cambodia/national-bank-of-cambodia-for-kampot-provincial-branch-inaugurated-9083

NBC: Cambodia’s economy to grow by 6.9% in 2015

The projection of National Bank of Cambodia (NBC) on the country’s economic growth this year is slightly lower than that of the Asian Development Bank (ADB), according to the State News Agency-AKP.   ...

The Cambodia Herald News Staff
http://thecambodiaherald.com/cambodia/nbc:-cambodia%E2%80%99s-economy-to-grow-by-69-in-2015-9001

Stalled interbank market clogging up liquidity

At least $1 billion in surplus liquidity is sitting idle in Cambodia’s banking system and could be unlocked if the central bank implemented a more effective interbank lending mechanism, experts say. ...

Cam McGrath
http://www.khmertimeskh.com/news/12776/stalled-interbank-market-clogging-up-liquidity/

Central bank seeks to promote Riel use

Cambodia’s central bank is seeking to promote the use of the riel and wean the Kingdom’s economy off its dependence on the US dollar, a senior banking official said on Tuesday. Speaking at a luncheon organized by the British Chamber of Commerce in Cambodia (BritCham), Chea ...

Cam McGrath
http://www.khmertimeskh.com/news/12117/central-bank-seeks-to-promote-riel-use/

Banks raise concerns for a new derivative trading law

The Association of Banks in Cambodia has called on the Securities and Exchange Commission to ensure that over-the-counter derivatives transacted by banks do not fall under the governance of the new draft prakas governing derivatives trading on Cambodia’s stock exchange. Speaking at a workshop in Phnom ...

Hor Kimsay
http://www.phnompenhpost.com/business/banks-raise-concerns-new-derivative-trading-law

Outstanding credit could reach $30B by 2020

The total amount of loans in Cambodia’s banking sector could rise to $30 billion by 2020, according to a report released today by Mekong Strategic Partners, a new investment and advisory fund. Amid such growth, banks will be challenged to drastically expand their operations and will ...

George Styllis and Kang Sothear
http://www.cambodiadaily.com/business/outstanding-credit-could-reach-30b-by-2020-69127/

Cambodian PM, businessmen head to Nanning for 11th ASEAN-China Expo

Cambodian Prime Minister Hun Sen, accompanied by businesspeople and senior officials, flew to Nanning City of southwest China’s Guangxi province on Monday to attend the 11th ASEAN-China Expo. Senior officials accompanying the prime minister included Commerce Minister Sun Chanthol, Governor of the National Bank of Cambodia Chea ...

Xinhuanet News Staff
http://news.xinhuanet.com/english/china/2014-09/15/c_133643051.htm

As banking sector booms, overbanking looms

Last month, Cambodia’s nascent yet rapidly expanding banking sector saw the new arrival of Phillip Bank through the acquisition of Hwang DBS Commercial Bank by Singapore’s Philip Capital in a $40 million deal. The number of banks in the country has more than doubled since 2005, ...

Kang Sothear and George Styllis
http://www.cambodiadaily.com/business/as-banking-sector-booms-overbanking-looms-67824/

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