Banking / Investment in Cambodia
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CAMBODIA, 2015/09/29
Cambodia has designed strategies to give riel (local currency) a boost so as to reduce dollarization, which represents about 80 % of the currencies circulated in the country, the Central Bank's senior officials said Tuesday.
Dollarization in Cambodia measured by the ratio of foreign currency deposit to broad money augmented from 36 % in 1993 to 70 % in 2003 and continued to increase to around 80 % in 2013, Neav Chanthana, deputy governor of the National Bank of Cambodia (NBC), or Central Bank, said at the Second Annual NBC Macroeconomic Conference.
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CAMBODIA, 2013/11/12
Only 3.7 % of Cambodia’s 14 million people have bank accounts with a financial institution, while less than 1 % of those with an account are actually using them to save money, according to a World Bank statement released Tuesday.
Though the World Bank’s World Financial Development Statement for 2014 underscores how far Cambodia still is from providing financial services to its wider people, bankers on Monday disputed the figures and said a lot of additional people in the country had accessed banking services since 2011.
According to the statement, the % of Cambodians with a bank account is the same as in Yemen, Guinea and the Democratic Republic of the Congo.
