Posts Tagged ‘banking sector’

Central Bank to plan to purchase $5 m

Posted by admin on September 1st, 2010

In order to protect of the depreciation of value of Cambodia’s currency and stabilize the Cambodia’s macroeconomics, the National Bank of Cambodia has tried to raise the value of Riel by purchasing a further US$5 million. The total of amount of dollars the central bank purchased reached US$48 million for the year.

Since mid-April, Cambodia’s currency goes down nearly 2 percent against dollar but it has held steady after the NBC has taken immediately action to stabilized Riel by purchasing the riel in a bid to create artificial demand for the notes and raising its value against greenback.

Tay Nay Im, The National Bank of Cambodia’s Director General, said that in general, appreciates staring October. She added that “the riel depreciates seasonally. We do not see anything abnormal.”

The NBC will auction the next $5 million in five separate $1 million lots from September 01 to 10 at the Central bank’s headquarters in Phnom Penh.

Last year, NBC purchased $54 million.

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Central Bank approved Chinese bank in principle

Posted by admin on June 13th, 2010

The National Bank of Cambodia (NBC) gave in-principle approval to the Bank of China (BOC) to operate its first branch in Phnom Penh. The Bank of China would come to facilitate trade and investment between Cambodia and China.

This year, NBC approved three foreign banks to operate in Cambodia, including the Bank of Agriculture and Rural Development of Vietnam (Agrbank), the CIMB Group and Malaysia and the Bank of China.

Thai Saphear, head of the NBC governor’s office, was quoted by the Phnom Penh Post as saying that a courtesy call from China’s new ambassador to Cambodia, Pan Guangxue, resulted in NBC Governor Chea Chanto giving the green light for the BOC to establish itself in Cambodia as early as the end of this year.

He added that “it’s a positive sign for the bank because they have the green light from the NBC already.” “It’s up to the bank if it wants to open its branch soon or not, but if they want to open soon, it could be done this year.” said he.

Following the in-principle approval, the bank has six months to prepare the required documentation to obtain the full operating licence, he said.

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National Bank of Cambodia sold off dollars to stabilize riel

Posted by admin on June 10th, 2010

It is the third time that the National Bank of Cambodia (NBC) sold off US$ 1 million to stabilize the depreciation of national currency (Riel) according to a statement on Monday, signed by Nguon Sokha, Deputy Director General of National Bank of Cambodia.

A total of US$ 3 million was to be auctioned off to purchase riel in separate lots Monday, Wednesday and Friday of this week. The first, NBC auctioned US$ 4 million late last month and the second is US$ 3 million last week but NBC’s intervention failed to stop the decrease of riel.

Kang Chandararot, Cambodia Institute for Development Study President was quoted by the Post as saying that the depreciation of the domestic currency is not unique to Cambodia, as the US dollar has strengthened against many foreign currencies, including the euro.

“It’s good the NBC releases US currency to appreciate the riel,” he said. “The riel will likely rise as euro currency recovers in value.”

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Campu Bank launched its 19th branch in Kampot

Posted by admin on May 30th, 2010

Cambodian Public Bank (Campu Bank), the second-largest lender in Cambodia, had launched its 19th branch in Kampong Bay commune, Kampot province.

Phan Ying tong, the bank’s country head, was quoted by the Post as saying in press release Thursday that the opening of the branch is part of its long-term strategy of organic growth to expand its branch network and provide excellent customer service.

Cambodian Public Bank Plc commenced its business in Cambodia on May 25, 1992. Presently, it has 19 branches including 7 in Phnom Penh, 1 each in Preah Sihanouk, Siem Reap, Battambang, Kampong Cham, Takmao, Pol Pet, Bavet, Kampot and Phnom Penh Special Economic Zone and a Service Branch each in Monivong, Phsar Doeumkor and Toul Tom Poung.

According to Campu Bank’s website, as December 31, 2009, Campu Bank’s paid-up capital of USD90 million is the highest among the commercial banks in Cambodia while its shareholder’s funds and asset size amounted to USD176.6 million and USD43.3 million respectively.

Campu Bank is a wholly-owned subsidiary of Public Bank Group which is one of the largest and strongest domestic banking groups in Malaysia.

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