2017: Financial Sector Remains on Positive Track

The National Bank of Cambodia (NBC) has affirmed that last year, the financial sector was on the positive track with a robust expansion in loans and deposits.

According to the NBC's annual report, the microfinance sector alone provided some US$4 billion in loan to 1.7 million Cambodians, up 25.5 percent compared to a year earlier, while the deposit portfolio reached US$2.02 billion, up 35.6 percent.

Most of the loans have been given to small entrepreneurs in the agriculture sector (26.9 percent), retail (18.6 percent), services (10.3 percent), logistics (4.5 percent) and construction (3.3 percent), it added.

For the commercial banks, there were in total US$16.2 billion of loan portfolio, up 16.8 percent; and the deposits rose by 23.3 percent to US$17.2 billion. The amount of loan went to retail (17.6 percent), wholesale (12.4 percent), agriculture, forestry and fisheries (10.3 percent) and construction (9.5 percent).

H.E. Chea Chanto, Governor of NBC, said the banking sector in Cambodia has seen a steady progress and been strengthened to respond to any possible risks.

In 2017, the sector provided financial services to 600,000 adults, he said, adding that Cambodia has been ranked 7th among the countries with easiest access to financing in the world by the World Bank.

Cambodia currently has 39 commercial banks, 15 specialist banks, and 76 microfinance institutions.

Source: Agency Kampuchea Press