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Cambodia: Bank deposits reach $42.7 billion by January this year

The deposits in Cambodia’s banking sector reached $42.7 billion by January this year, while banks’ outstanding loan was more than $55 billion, according to a report from the National Bank of Cambodia (NBC).

Banking institutions received deposits of approximately $42.7 billion, increasing from $37 billion in October last year.

The loans were allotted to key sectors such as trade, housing, construction, agriculture, hotels and restaurants and manufacturing, etc., it said.

NBC’s managing director Roth Sovannarak said that the banking sector played an important role in the economic and social development of Cambodia and that supervision of banking and financial institutions remains a priority task to be implemented in accordance with the new standards of risk-based and prospective auditing.

“The banking system is now healthy with strong capital, adequate liquidity and low non-performing loans,” Sovannarak said during the Wing Bank Orkide branch inauguration ceremony on Tuesday.

The government has set a clear vision and development orientation strategy for the banking sector to create new opportunities for the development of efficient and environment-friendly financial services, he said.

NBC Governor Chea Chanto said the growth in both loans and deposits truly reflected public confidence in the country’s banking system.

“The banking industry remains robust and resilient, and it has continued to play an active role in supporting the kingdom’s economic recovery in the post-COVID-19 pandemic era,” Chanto said in January.

Meanwhile, Chanto said Cambodia recorded 17.9 million e-wallet accounts as of last year, exceeding the Kingdom’s population of 16 million.

The country currently has 58 commercial banks, nine specialized banks, and 86 microfinance institutions, with a total of 2,614 headquarters and branches as well as 3,998 automated teller machines (ATMs) throughout the country, the NBC added.

Source: https://www.khmertimeskh.com/501255718/bank-deposits-reach-42-7-billion-by-january-this-year/