The central bank’s recent revocation of the operating licences of 104 rural credit institutions (RCI) – nearly half – should not have significant ramifications on the Kingdom’s wider financial system, industry insiders and observers have assured. The National Bank of Cambodia (NBC) announced the decision on April 12, without explaining the specific reasons that prompted the move.
The National Bank of Cambodia (NBC) has appealed to the public to exercise increased caution before transferring money to anyone in order to avoid cyber-scams.
The National Bank of Cambodia’s (NBC) new deals with the central banks of two Pacific archipelago nations signal the government’s commitment to expanding the payment system and the development of financial innovation, according to financial industry representatives.
The Kingdom’s banking and financial institutions posted very solid business performance overall last year despite regional and global uncertainty and inflationary pressures tied to Covid-19 and the Ukraine crisis.
Given the ongoing problem of inflation faced by the Kingdom’s economy, two economic researchers endorsed the move by the Cambodian Microfinance Association when it recently called on Cambodians to deposit cash they keep at home or as gold into savings accounts with microfinance institutions and banks to benefit from higher interest rates.