Tuesday, July 15, 2025
Khmer Daily Cambodia News
34 °c
Phnom Penh
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
  • LATEST
  • CAMBODIA
  • ASIA
    • JAPAN
    • SOUTH KOREA
    • TAIWAN
  • WORLD
    • CHINA
    • RUSSIA
  • BUSINESS CAMBODIA
  • TECHNOLOGY
No Result
View All Result
The Khmer Daily
No Result
View All Result
Home ASIA Cambodia

National Bank of Cambodia (NBC) governor, named 2021 central banker of the year for the Asia-Pacific region

January 19, 2021
in Business, Cambodia, National
0
National Bank of Cambodia (NBC) governor, named 2021 central banker of the year for the Asia-Pacific region
0
SHARES
41
VIEWS
Share on FacebookShare on Twitter

Under the governance of Chea Chanto, the National Bank of Cambodia (NBC) has successfully navigated a stormy 2020.

As a result he has been honoured as Asia-Pacific’s central banker of the year by prestigious UK-based publication The Banker.

Among the maelstrom of challenges faced this past year were the pandemic crisis and the nation’s being massive impacted by lost tourist revenue and flash floods that affected 5 million people.

Despite these conditions, Cambodia is forecast to see 1.9 percent growth in gross domestic product in 2020, a respectable number in any year, but remarkable considering the hardships the country has faced.

Following the pandemic and flood impact on businesses, the central bank stepped up to help companies experiencing financial hardship. The NBC informed the Association of Banks in Cambodia and the Cambodia Microfinance Association that loan restructuring measures introduced in March 2020 would continue through to the end of June in 2021.

Restructuring is permitted up to three times without any effect on loan classification during the extension period. Further provisions include the reduction of interest rates and the waiving of fees. The measures taken contributed to the country’s rate of non-performing loans remaining low at around 2.5 percent.

The NBC launched a blockchain-based digital infrastructure known as Bakong in October 2020 to help promote financial inclusion.  Bakong provides the digital backbone for inter-bank digital transfers which will empower financial inclusion in a country where many companies still pay their employees in cash. Bakong can support transactions made in both US dollars and riels. Some 20 local financial institutions are involved with Bakong.

The country’s fiat currency has also been promoted this year, with Chanto calling for greater use of the riel, saying it will be a means of encouraging sustainable growth and developing an effective banking system no longer dependent on the US dollar. To that end, low-denomination dollar notes have already begun to be phased out of circulation.

This article was first published in Khmer Times. All contents and images are copyright to their respective owners and sources.

Tags: BakongCambodiaChea ChantoNational Bank of CambodiaNBC
Previous Post

Moody’s: Cambodia not vulnerable to foreign debt

Next Post

Cambodia’s power plants in Kandal province start their engines

Related Posts

Neak Poan Temple is a destination for tourists to visit and take beautiful pictures

Neak Poan Temple is a destination for tourists to visit and take beautiful pictures

by Khmer Times
July 3, 2023
0
110

Neak Poan Temple is one of the most attractive tourist destinations among the ancient temples, which is located along the...

Cambodian pepper gains direct export rights to China

Cambodian pepper gains direct export rights to China

by Khmer Times
July 3, 2023
0
81

The Chinese Embassy in Cambodia announced today that Cambodian pepper has completed all export procedures to China, which means can...

Wrapped in blanket, dumped in pond: Top South Korean livestreamer found dead in Cambodia

Wrapped in blanket, dumped in pond: Top South Korean livestreamer found dead in Cambodia

by AsiaOne
June 14, 2023
0
109

One of South Korea's top livestreamers was recently found dead in Cambodia. Byeon Ah-young's body was discovered — wrapped in a...

Most Popular

New dairy farm in Cambodia, Kirisu, goes into fresh milk production operated by Khmer Fresh Milk

New dairy farm in Cambodia, Kirisu, goes into fresh milk production operated by Khmer Fresh Milk

July 17, 2020
507
Neak Poan Temple is a destination for tourists to visit and take beautiful pictures

Neak Poan Temple is a destination for tourists to visit and take beautiful pictures

July 3, 2023
110
Phnom Penh-Sihanoukville Expressway (PP-SHV) users to get 20% discount until October 2023

Phnom Penh-Sihanoukville Expressway (PP-SHV) users to get 20% discount until October 2023

November 2, 2022
23
Cambodia rice production losses caused by droughts about $100 million

Cambodia rice production losses caused by droughts about $100 million

October 1, 2021
19

$140 million brewery factory in Cambodia, Vattanac Brewery, will employ 1,500

June 27, 2020
118
Is this Japan’s weirdest mascot? Meet Hokkaido’s Zushihocky, part rice, part clam

Is this Japan’s weirdest mascot? Meet Hokkaido’s Zushihocky, part rice, part clam

May 27, 2020
38

© 2020 By Khmer Daily News

No Result
View All Result
  • Home
  • Latest
  • Cambodia
  • ASIA
  • World
  • Business
  • Tech

© 2019 The Khmer Daily.

error: Content is protected !!