PM Highlights Major Achievements of Cambodia’s Banking System

Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen has underlined some main achievements of the banking system in Cambodia.

While presiding over the commemoration of the 40th anniversary of the reestablishment of the National Bank of Cambodia (NBC) at Chaktomuk Conference Hall, Phnom Penh this morning, Samdech Techo Hun Sen said in the past 40 years, the country's banking sector has seen tremendous progress.

The banking sector is becoming a pillar of the national economic growth, said the Premier, adding proudly that Cambodia has an efficient, inclusive and highly-integrated banking system which meets the demands in broader financial services.

Samdech Techo Hun Sen continued that the banking system has contributed significantly to maintaining macroeconomic and financial stability, to improving the people's living standard and alleviating poverty, especially through microfinance sector.

About 71 percent of adult population have been receiving financial services, and financial provision through banking system rose to 115 percent of GDP to meet business expansion need in all sectors, he pointed out.

Besides, he stressed, Cambodia has its own currency printing house. "We are proud that we have our own Riel currency printing house in our country, while some countries in the region have not got one yet," he said.

Samdech Techo Prime Minister also highlighted the NBC's key role in maintaining the stability of Riel and increasing foreign reserves, while the inflation rate was recorded at a lower level of about 3 percent.

Source: Agency Kampuchea Press