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Banking in Cambodia Increases

Written By vibykhmer on Friday, September 4, 2009 | 8:28 AM


Written by DAP NEWS
Friday, 04 September 2009

Despite the ongoing economic downturn, which has adversely affected Cambodia just as elsewhere, the banking sector seems so far to have escaped relatively unscathed, the National Bank of Cambodia (NBC) said on Thursday. There 27 banks in Cambodia.

NBC Treasury Secretary Chea Chanto noted that banks in Cambodia hail from the US, Korea, Vietnam, Malaysia and India.

Current assets and deposits have increased compared to December 2008, he added.

Director of the Cambodia Institute of Finance (CIF) Chan Sophal said that “It is a new output for Cambodia.”

“The banking sector in Cambodia is better, because we have various investors from abroad.”

The economic situation in Camb- odia should continue to improve as long as outside conditions do not change, experts said.

In the first semester 2009, the world economy contracted about 13 percent compared to 2008, according to the International Monetary Fund (IMF).

Cambodian Prime Minister Hun Sen addressed that “In 2009, we will try to catch the at least 6 percent economic growth, deal with deflation, support finance and stabilize the exchange rate.”

In 2010, all private banks must increase capital from US$13 million to US$37 million to strengthen the Cambodian banking system.

The Ministry of Finance and Economy has been instrumental in organizing such regulation and legislation.

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