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Banking system fuels Cambodia’s growth

The banking system of Cambodia is thriving, contributing to the country’s economic growth, the National Bank of Cambodia (NBC) has reported.
Banking system fuels Cambodia’s growth ảnh 1The National Bank of Cambodia. (Source: Panoramio)

Phnom Penh (VNA) – The bankingsystem of Cambodia is thriving, contributing to the country’seconomic growth, the National Bank of Cambodia (NBC) has reported.

A new report released by the NBC showed thattotal assets of Cambodian banks hit 27.8 billion USD by the end of 2016, whiletheir credits and deposits reached 17.6 billion USD and 15.4 billion USD,respectively.

Given the fiercer competition in the Cambodiabanking market, lending rates have fallen consecutively as banks’ averagelending rate in the US dollar dropped from 17 percent in 2015 to 11.8 percentlast year. 

The NBC is optimistic about the country’sexpansion of economic activities in 2017, since the Cambodian Government is speedingup comprehensive structural reform in all sectors as well as its integration intothe ASEAN Economic Community.

The country’s strategic location, continued taxpreferences for exports to the EU and US markets and young workforce areconsidered as important factors that will fuel Cambodia’s growth.

According to forecasts by internationalfinancial institutions such as the International Monetary Fund (IMF), the WorldBank (WB), the Asia Development Bank (ADB) and the Cambodian Government, Cambodia’seconomy is projected to expand by 7 percent in 2017. -VNA 

VNA
#banking system#National Bank of Cambodia#economic activities
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