Posts Tagged ‘commercial banks’

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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Commecial bank to manage pensions

Posted by admin on July 20th, 2010

A leading Commercial bank – Canadia Bank – signed agreement with the National Social Security Fund for Civil Servants (NSSFCS) yesterday in Phnom Penh in order to manage a pension and social security fund to Cambodian civil servants.

Initially, offering fund is for civil servants in Phnom Penh and it will be available through the banks a standalone bank account with its own ATM card. Having the account accessible through the bank would allow the correct funds to get to the end-users in a timely manner.

Chou Ratanak, the director for the Fund, was quoted by the Post as saying that the new NSSFCS fund aims to manage and insure a social security fund for when a civil servants retires or becomes handicapped, pregnant or is involved in an accident at work resulting in disability or death.

“Moreover, they can save their money through the fund, which will also have an interest rate with Canadia Bank,” Chou Ratanak said.

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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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ACLEDA to launch its mobile banking

Posted by admin on June 9th, 2010

Cambodia’s leading commercial bank, ACLEDA Bank Plc, will launch its Unity mobile-banking service next month by spending over USD1 million to establish it. And its service will initially target existing account holders and will be marketed to Cambodia’s unbanked.

Mobiles phone will have access to Unity’s SMS-based banking service, including balance inquiry, mini-statements and mobile top-ups, but the phone must be capable of operating a web browser or hosting Unity’s phone application to be able to transfer funds between separate ACLEDA accounts, or to complete bill payments.

It is expected that bank will cut operational costs and reduce queues at its branches by offering mobile banking. It is also able to gain some revenue by charging for fund transfer and balance inquiry and other transactions/

Customers are required to pay its registration service fee of $5, 20,000 riels or 200 baht, and all currencies will be supported by Unity. In addition, there will be also associated fee for each transaction performed.

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