Foreign Exchange reserves climbed 21 percent
Giving speech at the 30th anniversary ceremony for the National Bank of Cambodia (NBC), which was reestablished after the topple of Khmer Rouge regime, the Prime Minister Hun said that despite Cambodia suffered from the global financial crisis, Cambodia’s foreign exchange reserves is up to US$2.522 billion by the end of August of this year.
“Today, [...]
Cambodia’s banking sector gains in public confidence
In the last decade, Cambodia’s banking sector has been growing sharply because the operation of commercial banks in Cambodia has gotten the public confidence. People got started to deposit their money at bank rather than keep it at home. The public confidence in the banking sector and financial system is reflected through the increase in [...]
Central bank warned of the rise of bad loans
Given the global financial crisis affecting Cambodia’s economy such as garment industry, tourism sector, construction and real estate, but the Cambodia’s banking sector is still inevitably hit by the crisis. Therefore, it is a cause for increasing in non-performing loans because the commercial banks’ borrowers have hard time to pay back loans while their business [...]
Central Bank spent $6 million to stabilize riel value
In a bid to stop dropping the devaluation of Cambodia’s national currency, the National Bank of Cambodia (NBC) sold US$6 million to make the value of the riel stable and wanted to retain riel value at about 4,000 riel to every dollar.
The National Bank of Cambodia is the Central Bank which is an autonomous public [...]
Vietnam commercial bank to operate in Phnom Penh
The National Bank of Cambodia (NBC) has already approved the license for the Hanoi-based Bank for Investment and Development of Vietnam (BIDV) to open its representative office soon in Phnom Penh, which bought a local commercial bank- Prosperity Investment Bank, which began its operation in August 2007.
Tal Nay Im, NBC’s director general, was quoted by [...]