National Bank spreads its wings

Sok Chan / Khmer Times No Comments Share:
Chea Chanto during the inauguration of the Prey Veng branch. KT/Sok Chan

The governor of the National Bank of Cambodia has urged its new Prey Veng branch to monitor the way microfinance institutions and rural credit operators keep to the law and implement regulations.

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Speaking at the inauguration of the branch yesterday, Chea Chanto said it must continue to push MFIs in the province to offer more preferential services for poor people in the rural area to boost their livelihood and expand loans to small and medium enterprises.

He said the branch would play a crucial role and actively offer services to all public institutions, banks and MFI institutions as well as the public.

He said it would facilitate trade operations and was the treasury for public property in the province.

“NBC Prey Veng branch will also play a role as an agent to push the use of riel currency in Prey Veng province and provide services to commercial banks and microfinances which help people access bank services to boost their livelihood,” Mr Chanto said.

“Building the NBC Prey Veng branch has contributed to developing the banking sector and the economic and social infrastructure in the province.”

Provincial governor Chea Someathy said the province’s banking sector had been increasing remarkably.

He said his province had five commercial banks and nine licensed MFIs. Other rural credit operators, NGOs and private sector players were actively offering financial services, loan services, and deposit and transfer services for all people in the province.

“This new NBC Prey Veng building will be the safest place for keeping public’s bank vault and property,” Mr Someathy said.

“The new NBC Prey Veng building will play a crucial role and core for development on the micro and macro economy to reduce the poverty of people in Prey Veng.”

He added that in 2017, total assets of the banking sector were about $29 billion, the loan portfolio was $16.5 billion, while outstanding deposits were $17 billion.

“The development of the banking sector has built the trust of people in sustainable development and brought more foreign direct investment to the country,” Mr Chanto added.

He said that as the bank authority, the central bank had issued regulations to maintain stability and develop the banking sector inclusively to contribute to reducing poverty.

“NBC has been preparing the payment system to update itself with the growing high technology to provide more convenience, with speed and safety for every money transfer and payment services across the country,” Mr Chanto said.

Mr Chanto said work on the new NBC Prey Veng branch building was completed on Thursday of last week.

The Cambodia-French style building has 24 rooms, with a design mainly focusing on security and fire systems. All computers networks, servers and systems of the bank were strictly secured.

In 2016, Credit Bureau Cambodia reported that 149,624 people borrowed from financial services in Prey Veng province.

This was out of 754,310 of people over 18 years old in a total population of 1.18 million.

Outstanding loans that year totalled $414 million.

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