The Royal Government of Cambodia expects growth to continue at 7.1%
RNK Phnom Penh, October 02, 2019.
The Governor of the National Bank of Cambodia (NBC) H.E Chea Chanto on Monday met with the International Monetary Fund’s Article IV Mission Team led by Mr. Jarkko Turunen the President of the Cambodian Mission Team to discuss the work at the NBC. The Article IV mission is carried out annually by the International Monetary Fund’s (IMF) for their member countries to monitor Cambodia’s economic situation and make recommendations for the implementation of economic regulations.
The Governor of the National Bank of Cambodia informed the International Monetary Fund’s Article IV Mission Team about the economic growth over the past year, especially in 2018, which stood at 7.5% and by 2019 the growth is expected to continue at 7.1% which is the highest level in the region. Meanwhile, in 2019 the macroeconomic conditions have improved significantly with the inflation in the first half of the year at 1.9% and 2.2%.
H.E Chea Chanto, governor of the National Bank of Cambodia, said that the banking and financial institutions in Cambodia are in good health and contribute to national economic development.
He added that the National Bank of Cambodia has strengthened its monitoring process with the introduction of Macro-Prudential Regulation, the publication of financial stability reports, and the strengthening of the bank’s security network in line with international standards.
The governor also thanked the IMF for its support for the Royal Government’s policy of economic development the capacity building and technical assistance to Cambodia.
By Ms IN Faninn