Despite facing Covid-19 last year, we saw deposits still increased. It means there are many Cambodians who had a budget they kept not to use because seemingly impacts of Covid-19, they paused business or they have not yet started a new investment, says Kea Borann, Chairman of CMA
The money supply (MS) reached $39 billion last year, a year-on-year increase of 16.3 percent, according to a report from the National Bank of Cambodia issued yesterday. The main components of MS are currency outside depository corporations, transferable deposits and other deposits.
The currency outside depository corporations was valued at $3.6 billion, a year-on-year increase of 8.3 percent while transferable deposits rose by 18.9 percent year-on-year to $7.4 billion, read the report.
Other deposits, the NBC noted, reached $28 billion, a 16.7 percent increase compared to a year before.
Kea Borann, Chairman of the Cambodia Microfinance Association (CMA) and CEO of AMK Microfinance said: “Despite facing Covid-19 last year, we saw that deposits still increased. It means that there are many Cambodian people who had a budget that they kept not to use because seemingly impacts of Covid-19, they paused business operations or they have not yet started new investment,” Borann said.
On December 6, 2021, the National Bank of Cambodia announced that it would stop issuing new licenses and currently there are six deposit-taking microfinance institutions that the NBC has encouraged investors and microfinance institutions to merge.
The six deposit-taking microfinance institutions are PRASAC Microfinance Institution, AMK Microfinance Institution Plc, WB, Amret, LOLC and Mohanakor Microfinance Institution according to the list of deposit-taking microfinance institutions of the National Bank in September 2021. According to Borann, AMK Microfinance posted deposit amount increased by over 30 percent last year to $250.
This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.
