The total amount of deposits in Cambodia’s 28 banking institutions recorded a jump in the first part of the year, a positive sign of recovery following the 2008 economic crisis, an industry leader said Monday. Banks posted $3.6 billion in deposits in the first five months of the year, a 13 percent increase from the [...]
After nearly a decade of government efforts to de-dollarize its economy, Cambodia remains one of the most heavily dollarized economies in the world. The greenback is used in nearly 90 percent of transactions, alongside the riel, and experts say this won’t change without more administrative reform. Meanwhile, people’s trust in the riel has been shaken [...]
Cambodia’s commercial banks have steadily increased their deposit and loan bases over the first five months of this year, with deposits collectively growing 12 percent and loans 8 percent since the end of 2009, according to figures from the National Bank of Cambodia yesterday. In Channy, Acleda president and chief executive, said the growth was [...]
HEALTHIER growth in assets, lending and deposits has been reported in Kingdom’s commercial banking sector so far this year, according to the deputy governor of the National Bank of Cambodia (NBC), Neav Chanthana. Although profits in Cambodia’s commercial banking sector fell nearly 50 percent in 2009, this year’s first quarter has shown the sector bouncing [...]
ACLEDA Bank aims to launch the Unity mobile-banking service by early next month, Senior Vice President Sok Sophea said, though rivals say it requires expensive data phones beyond the reach of many in the Kingdom. Although it cost ACLEDA over US $1 million to establish, she said, the service will initially target existing account holders, [...]
RATES of non-performing loans (NPLs) at the Foreign Trade Bank of Cambodia (FTB) fell to 5.65 percent last year from 32 percent in 2008, an audited report showed Tuesday. In 2009, the report stated, FTB recorded US$5.9 million in non-performing loans compared to $27.6 million for the previous year. NPLs are defined as loans where [...]