NBC: Cambodian Financial Sector on Positive Trend
AKP Phnom Penh, January 28, 2019 —
The National Bank of Cambodia (NBC) has affirmed that the country’s financial sector continues to be on the positive trend.
According to a report shared during the NBC’s annual meeting held here last weekend, Cambodia has currently 43 commercial banks, 14 specialised banks, 7 microfinance deposit-taking institutions (MDIs), 73 Micro Financial Institutions (MFIs) and 273 rural credit institutions.
Last year, it added, the total Cambodian financial assets were expanded some 19.4 percent to about US$40 billion. The commercial banks’ and MDIs’ deposits rose to US$22 billion, or 15.3 percent, while loans increased by 18.8 percent to nearly US$24.5 billion.
There were in total 6.2 million deposit and 2.6 million loan accounts registered at the commercial banks and MFIs, it pointed out, stressing that most loans were given to small entrepreneurs in the agriculture sector, trade and services.
H.E. Chea Chanto, Governor of NBC, attributed the bank’s achievements in 2018 to high responsibility of all officials. These results have really contributed to developing the banking system, maintaining macroeconomic stability, as well as boosting the national economic development in line with the Royal Government’s Financial Sector Development Strategy and Rectangular Strategy, he underlined.
The NBC governor also expressed the NBC’s commitment to continue strengthening its contribution in supporting Cambodia’s economic growth with sustainability, equity and inclusiveness.
By Khan Sophirom