e)aHBum ∗∗∗∗∗∗∗∗∗ Published by National Bank of Cambodia Address : 22-24 Preah Norodom Blvd. Phnom Penh – Cambodia P.O.BOX : 25 Phone : (855) 23 722 563 FAX : (855) 23 426 117 KN³kmμkarRBwtþibRt Review Commission - Ék]tþm fa y:av RbFan H.E. Tha Yao Chairman - Ék]tþm bNÐit s‘¿u snñisiT§ niBn§nayk H.E. Dr. Sum Sannisith Chief Editor RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 GarmÖkfa RbiymitþGñkGan CaTIemRtI ¡ kMeNInesdækic©km<úCamanel,ÓnekIneLIgKYr[kt;smÁal; CaGaT× kMeNInCamFümRbcaMqñaMkñúgry³eBl mYyTsvtScugeRkayenHman 8/8° ehIyRbkarKYr[emaTnPaBEfmeTotKW el,ÓnkMeNInmanrhUtdl; 2xÞg; kñúgry³eBl 3 qñaMcugeRkayenH . eTaHbI TMhMesdækic©km<úCaenAtUc ebIeRbobeFobeTAnwgRbeTsCaeRcInepSgeTot EtGRtakMeNInesdækic©km<úCad¾x GMeNayplénsißrPaBm:aRkUesdækic© snþisux nigneya)ayrbs;RbeTs KWCabrisßanCamUldæan nigrYmpSM edayktþaFmμCatiEfmeTot edIm,IbgálkçN³dl;karGPivDÆesdækic© . RbB½n§FnaKark¾)anbgðajBIkRmitGPivDÆn_d¾xøaMgpgEdr kñúgry³eBlCamYyKñaenH . karrYmcMENkrkSasßirPaB m:aRkUesdækic©RbkbedaycIrPaB CaBiesskarrkSasßirPaBéføsMedACMrujskmμPaBesdækic©Cati KWCaParkic©cm,g rbs;FnaKarCatiénkm<úCa. rd National Bank of Cambodia Review No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 mUlniFipÞal;rbs;FnaKarkNþaleTIbEtRtUv)anksageLIgelImUldæanénkarRbmUl)anmas nigR)ak;beBaØI TaMgLay EdlGtItFnaKarCatiénkm<úCa)antmál; nigepJITukkñúgFnaKarenAbreTs ehIyRtUv)anbegáInqab;rh½seday lT§plénRbtibtþikarhirBaØvtßúRbcaMqñaM . TMhMFnFanrbs;FnaKarCatiénkm<úCa)anekIneLIg 4/3 dg kñúgry³eBl 9qñaM cugeRkayenH eBalKW)anekInBI 0/36 eTA 1/5 Ban;landuløar ehIyRBmCamYyenaH TunbRmugGnþrCati)anQan dl;kRmitelIsBI 1>300 landuløar . karGPivDÆvis½yhirBaØvtßúmanmUldæankMENTRmg;sRmab;ry³kalxøI nigry³kalEvgy:agc,as;las; nigy:agTn;Pøn; . Ep¥kelIsmiT§plTaMgLay EdlTTYl)ankñúgkarGnuvtþEpnkarGPivDÆn_vis½yhirBaØvtßúry³eBl 10qñaM ¬2001-2010¦ kareFVIbc©úb,nñkmμ)anRtUverobcM nigseRmc)annUvÉksar {yuT§sa®sþGPivDÆn_ vis½yhirBaØvtßúqñaM 2006-2015} EdlRtUv)anRbkas[eRbIR)as;CapøÚvkar kalBIéf¶TI07 Exmifuna qñaM2007 enH . kñúgeBlEdlesvahirBaØvtßúTamTar[manFnFanmnusS EdlmansmtßPaBécñRbDitx eyIg´mansgÇwm nigeCOCak;fa nwgmankarCYypþl;mtil¥²EfmeTot edIm,IkarGPivDÆRbB½n§FnaKard¾rwgmaM enAkm<úCa . sUmGrKuN ¡ rd National Bank of Cambodia Review No 21, 3 Quarter 2007 matika TMB½r - sunÞrkfarbs;semþc h‘un Esn naykrdæm®nþI énraCrdæaPi)alkm<úCa kñúg»kasdak;eGay 1 eRbIR)as;CapøÚvkarnUvÉksar {yuT§sa®sþGPivDÆn_vis½yhirBaØvtßú2006-2015} nigBiFIebIksnñisITsþIBIPaBCaédKUrvagraCrdæaPi)alkm<úCa nigFnaKarGPivDÆn_GasIu kñúgdMeNIreq RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 sunÞrkfa rbs;semþc h‘un Esn naykrdæm®nþI énraCrdæaPi)alkm<úCa kñúg»kasdak;[eRbIR)as;CapøÚvkarnUvÉksar {yuT§sa®sþGPivÆn_vis½yhirBaØvtßú 2006-2015} nig BiFIebIksnñisITs þIBIPaBCaédKUrvagraCrdæaPi)alkm<úCa nigFnaKar GPivDÆn_GasIu kñúgdMeNIreq Ék]tþm elakCMTav elak elakRsICaTIemRtI ¡ éf¶enH ´mankitþiys nigesckþIrIkrayeday)anmkcUlrYmCamYyÉk]tþm elakCMTav elak elakRsI enAkñúg»kasdak;[eRbIR)as;CapøÚvkarnUv ÉksaryuT§sa®s þGPivDÆn_vis½yhirBaØvtßú 2006-2015 nigBiFIebIksnñisITs þIBI PaBCaédKUrvagraCrdæaPi)alkm<úCa nigFnaKarGPivDÆn_GasIu kñúgdMeNIr eq rd National Bank of Cambodia Review - 1 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 ´manCMenOy:agmutmaMfa karCYbRbCuMKñaenHGacpþl;nUvviFIsa®s þd¾l¥²sRmab;begáInnUvKMnitf μI² nig karmUlmtiKñaelIdMeNaHRsayCak;Esþgnana sRmab;BenøÓnkarGPivDÆvis½yhirBaØvtßú nigPaBCaédKUrvag raCrdæaPi)alkm<úCa nigFnaKarGPivDÆn_GasIu kñúgdMeNIreq TnÞwmnwgenH ´kt;smÁal;eXIjfa snñisITEdl)anerobcMeLIgenHmaneKalbMNg ¬TI1¦ KWdak;[ eRbIR)as;CapøÚvkarnUvyuT§sa®s þGPivDÆn_vis½yhirBaØvtßú2006-2015 EdlCaÉksarbc©úb,nñkmμ elIckçúvis½ynigEpnkarGPivDÆn_vis½yhirBaØvtßú 2001-2010 nig¬TI2¦ KWkarpþl;nUvevTikadl;PaKI EdlmancMNab;GarmμN_TaMgkñúgRbeTskm<úCa nigtMbn; edIm,IEckrMElknUvbTBiesaFn_rbs;xøÜn ehIypþl;Ca KMnit nigTsSn³fa etIvis½yFnaKar nighirBaØvtßúnwgRtUve)aHCMhaneTAmuxy:agdUcemþc ? dUecñH cMNucepþatsMxan;rbs;snñisITenH BitCa)aneqøIytby:agTan;eBlevla nigsmRsbeyageTA elIIkarvivtþ EdlkMBugekItmanenAkñúgTIpSarhirBaØvtßú nigbBaðaRbQmfμI² EdlGñkcUlrYmkñúgTIpSar GñkerobcM eKalneya)ay nigbBaØtþikrkMBugCYbRbTH . CakarBit kMENTRmg;vis½yhirBaØvtßúminEmnCaeKaledAcugeRkayedaypÞal;eT . RbB½n§FnaKar nig hirBaØvtßú RtUvEtedIrtYnaTId¾sMxan; kñúgkarekorKrRbmUlnUvFnFan nigeFVIkarEbgEck[)aneTAdl;RbPBeRbIR)as; [)aneRcInelIslb; edIm,IGacbMeBjtYnaTICaGñkpSarP¢ab;y:agsMxan;CamYynwgkMeNInesdækic© . Cak;Esþg kMENTRmg;kñúgvis½yenH )anrYmcMENky:ageCaKC½ydl;karrIkFMFat;énesdækic©km<úCa EdlRtUv)anqøúHbBa©aMg tamry³nirnþrPaBkMeNInesdækic©x Ék]tþm elakCMTav elak elakRsI kñúgry³eBlCagmYyTsvtSr_cugeRkayenH km<úCaseRmc)annUvsßirPaBm:aRkUesdækic©nigvDÆnPaB xagsgÁmkic© nigesdækic©KYr[kt;smÁal; . rvagqñaM 1994-2006 GRtakMeNInRbcaMqñaM manCamFüm 9/8° Edlx rd National Bank of Cambodia Review - 2 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 CakarBit smiT§pld¾FMeFgTaMgGs;enH min)anbdiesFecalnUvbBaðaRbQmd¾RsYcRsal; EdlkMBugEt sßitenAnigGacbnþsßitenACa]bsKÁtUcFMTaMgLay enAelImaK’aGPivDÆn_km<úCateTAmuxeTotenaHeT . raCrdæaPi)al RtUvxitxMRbyuT§y:agb þÚrpþac;enAkñúgsmrPUmiCaeRcInEfmeTot edIm,IFanarkSanirnþrPaBnigcIrPaBénbrisßan esdækic© nighirBaØvtßúEdlmanlkçN³GnueRKaHsRmab;karGPivDÆ nigkarkat;bnßy[)ankan;Etqab;rh½s nUvPaBRkIRkrbs;RbCaCn . karxitxMCaBiessEdlraCrdæaPi)alRtUvbnþeFVI KWkarBRgIkmUldæancMNUlrbs; rdænigeFVIvicarNkmcMNayμ sMedAbegáInkarvinieyaKsaFarN³ eFVIBiFIkmμmUldæanénkMeNInesdækic© tamry³ karelIksÞÜyvis½yksikmμ nigCnbT nigCMrujbnþGnuvtþkMENTRmg;GPivDÆn_vis½yÉkCn nigkargartamry³ viFankarCak;Esþg nigmutRsYcnana sMedAEklMGbriyakasvinieyaKsRmYlBaNiC¢kmμ BRgwgGPi)alkic© nig elIksÞÜyshRKasFuntUc nigmFüm .l. k¾b:uEnþy:agNak¾eday k¾smiT§pld¾FMeFgEdlkm<úCaseRmc)an kñúgry³eBld¾xøIknøgeTAenH )aneFVI[eyIgTaMgGs;KñamanCMenOfa km<úCaBitCamanskþanuBleBjelj nig mansmtßPaBRKb;RKan;enAkñúgkarBuHBarCmñHbBaðaRbQmnana nigGacqøgkat;edayeCaKC½ynUvral;]bsKÁ nigkarlM)akTaMgLaynaeBlGnaKt ehIye)aHCMhaneTAmuxkñúgel,ÓnsVahab;Cagmun eq Ék]tþm elakCMTav elak elakRsI enAkñúgvis½yhirBaØvtßú eyIgmansmiT§plsMxan;²CaeRcIn EdlKb,IKUsrMelcenAkñúgenaHrYmman karBRgwg karGnuvtþc,ab; nigkarRKb;RKgFnaKarBaNiC¢ tamry³karpþl;GaCJab½NÑCafμIedaytemøIgedImTun kardak; ecjnUvnItiviFItamdan nigRtYtBinitü karbegáItbøg;KNnIÉkPaBsRmab;RKb;FnaKar karBRgwgsmtßPaBrbs; FnaKarCatikñúgkartamdan nigRtYtBinitüFnaKarBaNiC¢nigsßab½nhirBaØvtßúepSg² nigkarerobcMc,ab; nig bTb,BaØtiþsMxan;²mYycMnYneTot sMedABRgwgTMnukcitþkñúgvis½yFnaKarenH[kan;EtRbesIreLIg . kñúgkarxitxM edIm,Ikat;bnßyPaBRkIRk raCrdæaPi)al)ancat;TukkarpÁt;pÁg;y:agRKb;RKan;nUvesvamIRkUhirBaØvtßúfa CameFüa)ay mYyd¾sMxan; sRmab;RTRTg;karGPivDÆCnbT . enAelImUldæanenH raCrdæaPi)al)anxitxMy:agskmμ edIm,I RbEmRbmUlsßab½nmIRkUhirBaØvtßúTaMgLay [mksßitenAeRkamvisalPaBc,ab; sMedACMrujkarGPivDÆesva mIRkUhirBaØvtßúenH [)anRbkbedayRbsiT§PaBmanvisalPaBRKbdNþb;TUlMTUlaynigGRtakarR)ak;Tabsmrmü tameKalkarN_TIpSar . TnÞwmnwgenH raCrdæaPi)al)anGnuvtþeKalneya)ayrUbiyvtßúRbkbedaykarRbugRby½tñ EdlkñúgenaH eKaledAcm,g KWkarcUlrYmbegáItbrisßanm:aRkUesdækic©EdlmanlkçN³Kt;mt;l¥nigGnueRKaHsRmab;kMeNIn rd National Bank of Cambodia Review - 3 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 nigskmμPaBesdækic© Biesstamry³karFanasßirPaBGRtabþÚrR)ak; nigkarTb;sáat;GtiprNaedayeRbIR)as; ]bkrN_rUbiyvtßú . kñúgn½yenH kñúgkarGnuvtþeKalneya)ayesdækic©nighirBaØvtßúrbs;xøÜn raCrdæaPi)al)an ebþCJay:agmutmaMbMput cMeBaHvin½yénkarmineFVIhirBaØb,TancMNayrbs;rdæaPi)al tamry³FnaKar nigtamry³ kare)aHpSayR)ak; . eKalneya)ayénkarpÁt;pÁg;sac;R)ak;RtUv)aneFVIeLIg sMedAedaHRsaytRmUvkarcaM)ac;rbs; TIpSar b:uEnþdac;xacminEmneFVIeLIgkñúgeKaledApþl;hirBaØb,Tandl;»nPaBéncMNayrbs;raCrdæaPi)alenaHeT . kñúgvis½yFanar:ab;rg raCrdæaPi)al)anerobcMnigGnuvtþnUvbTdæanKtiyutþTaMgLay edIm,IBRgwgkarRKb;RKg Rkumh‘unFanar:ab;rg tamry³karpþl;GaCJab½NÑCafμI karGnuvtþnUveKalkarN_ENnaMEpñkKNenyü . enAkñúg vis½yTIpSarTun c,ab;sþIBImUlb½RtrdæRtUv)anerobcM nigTTYlkarGnum½tBIsßab½nnItibBaØtiþkñúgeBlfμI²knøgeTA . TnÞwmnwgenH raCrdæaPi)alkMBugerobcMbBa©b;esckþIRBagc,ab; sþIBIkare)aHpSay nigkarCYjdUrmUlb½RtmhaCn kñúgeKalbMNgbegáIt[manTIpSarTunenAkm<úCaenAqñaM 2009 xagmux . smiT§pldUc)anerobrab;xagelIbgðaj[eXIjc,as;fa eyIg)anmkdl;rYcCaeRscnUvcMNucEdlRtUv e)aHCMhanedIrbnþeTAmuxeTot KWkarKUsbBa¢ak;[)anc,as;nUvckçúvis½yrbs;eyIgsRmab;esvaFnaKar nig hirBaØvtßúenAkm<úCa . c,as;Nas;fa kareroberogeLIgnUvEpnTIcg¥úlbgðajpøÚvsRmab;karlUtlas; nigGPivDÆn_ vis½yhirBaØvtßúBMuEmnCakargayRsYleLIy ebIeyaleTAelIbBaðaRbQmnanarbs;RbeTskm<úCa . k¾b:uEnþ karerobcMEpnkarsRmab;GIV²EdleyIgminGacsμanTukmun nigkarRbemIlemIlkalanuvtþPaBKWCaKnøwHéneCaKC½y sRmab;vis½yhirBaØvtßúnaeBlGnaKt . kñúgn½yenH ´sUmKaMRTy:ageBjTMhwgnUvTisedAeKalneya)ay nig yuT§sa®sþEdlRtUv)anKitKUry:agl¥itl¥n; dUcEdlmanEcgenAkñúg yuT§sa®sþGPivDÆn_vis½yhirBaØvtßú 2006-2015 . b:uEnþeTaHbIy:agNa TnÞwmnwgsmiT§plEdl)anelIkeLIgxagelI ´k¾sUmKUsbBa¢ak;xøH²nUvKMnitrbs;´ elIbBaðaGPivDÆn_vis½yhirBaØvtßúenAkñúgbrikarN_km<úCa dUcteTA ³ TI1 > RtUvepþatkarykcitþTukdak;eTAelImeFüa)aykñúgkarBRgwgTMnukcitþrbs;saFarN³Cnkñúgvis½yenH EdlCasmasFatud¾sMxan; kñúgkarRTRTg;dl;tYnaTIFnaKarenAkñúgesdækic© . kñúgsμartIenH GaCJaFrTTYlbnÞúkcMa)ac; RtUvbegáItnUvbrisßanGMeNaypldl;vis½yFnaKar ehIybegáIt[)annUvRkbx½NÐehdæarcnasm<½n§mYyEdlrwgmaM dMeNIrkarl¥sRmab;skmμPaBFnaKar k¾dUcCarcnasm<½n§TIpSarmanlkçN³RbkYtRbECg nigyutiþFm’ . TI2 > karGPivDÆRbB½n§TUTat;Cati KWCaGaTiPaBKnøwHmYyrbs; yuT§sa®sþGPivDÆn_vis½yhirBaØvtßú 2006-2015 . RbsinebI KμanRbB½n§TUTat;CatimYyEdlRKbdNþb;TUlMTUlay manRbsiT§PaBeTenaH vis½y hirBaØvtßúnwgminGacpþl;nUvGnþrkariykmμRbkbedayRbsiT§PaB b¤pþl;esvarbs;xøÜndl;esdækic©TaMgmUl)an rd National Bank of Cambodia Review - 4 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 eLIy . karGnum½tc,ab;sþIBI]bkrN_GacCYjdUr)an nigRbtibtþikarTUTat;sgR)ak; KWCaCMhandMbUgkñúgkarpþl;[ FnaKarCatiénkm<úCanUvsiT§ielIRbB½n§TUTat; nigsRmab;CMrujkarEklm¥bEnßmeTot . TnÞwmnwgenH karerobcMRbB½n§TUTat; KYrFana[)anfa tRmUvkarrbs;GtifiCn buKÁl k¾dUcCaRkumhu‘nenAkñúgvis½ypøÚvkarRtUv)anbMeBjedayRKb;RKan; . TI3 > eyageTAelIrcnasm<½n§esdækic©rbs;km<úCabc©úb,nñ CakarsMxan;EdleyIgcMa)ac;RtUvsgát;F¶n;elI tYnaTIrbs;mIRkUhirBaØvtßú nigshRKinPaB kñúgkarkat;bnßyPaBRkIRk nigkarGPivDÆ . kñúgRkbx½NÐenH ´manesckþI rIkrayEdl)aneXIjfa ÉksaryuT§sa®sþenHmanCMBUkmYyedayELk EdlniyayGMBImIRkUhirBaØvtßú . nabc©úb,nñ vis½yhirBaØvtßú)anepþatesvarbs;xøÜnEteTAelIvis½yEdlQanmux cMENkÉshRKasFuntUcenAEtminTan;TTYl )anesvahirBaØvtßúRKb;RKan; . edIm,IedaHRsay)annUvt®mUvkarhirBaØvtßúrbs;RbCaksikrtUctac GaCaJFr mansmtßkic©RtUvebIkTUlaycMeBaHKMnitécñRbDitfμI² elIkTwkcitþ[FnaKarpþl;R)ak;km©Idl;RKwHsßanmIRkUhirBaØvtßú edayeRbIR)as;nUvviFIsa®sþsmRsb b:uEnþTnwÞmnwgenH eyIgk¾RtUvkMNt;nUv):ar:aEm:RtsmRsbmYycMnYn edIm,IFana[ )anfa haniP½yEdlBak;B½n§nwgkarpþl;hirBaØb,Tanvis½yksikmμnwgGacRKb;RKg)anRtwmRtUv . elIsBIenHeTot RtUvbnþxitxMeFIVy:agNabEnßmeTot edIm,Ikat;bnßycMNaykñúgkarx©IR)ak; ehIyeFVI[RbCaCnRkIRkGaceRbIR)as; mIRkUhirBaØvtßúú)an . TI4 > edIm,IRTRTg;dl;mIRkUhirBaØvtßú eyIgRtUvbnþGnuvtþ[)antamkalviPaKnUvkarcuHbBa¢IdIFøI tamRbB½n§Rbkb edaytmøaPaB RbsiT§PaBnigtamvimCÄkar . viFankarEbbenH minRtwmEtbgá[ksikrGacvinieyaKkñúgkarEklm¥ plitPaB nigR)ak;cMeNjelIdIFIørbs;xøÜneT b:uEnþEfmTaMgCYyCMruj[BYkKat;GacTTYl)annUvTunbEnßmeTot tamry³ karbegáInnUvsuvtßiPaBRTBüFanarbs;BYkKat; . TI5 > karcab;epIþm[manTIpSarhirBaØvtßú KWCaRbkarsMxan; . TIpSarhirBaØvtßúGacCYyRbEmRbmUlnUvR)ak;snSM rbs;RbCaBlrdækm<úCa nigEckbBa¢ÚneTAdl;karvinieyaKry³kalEvg sRmab;KeRmagEpñksgÁmkic© esdækic© nigehdæarcnasm<½n§ . CMhancab;epþImEdll¥sRmab;TIpSarhirBaØvtßú KWmUlb½RtrdæEdlCa]bkrN_d¾sMxan;sRmab; karGPivDÆTIpSarrUbiyvtßú nigGnþrFnaKar . TI6 > vis½yFanar:ab;rgmansar³sMxan;Nas; sRmab;esdækic©kMBugGPivDÆTaMgGs; . va)anbNþúHKMnitkñúg karsnSMrbs;eyIg Edlnwgpþl;mkvijnUvedImTunsRmab;vinieyaK)annary³eBlEvg kñúgvis½yesdækic©pøÚvkar ehIyGackarBarGaCIvkmμnigÉktþCnBIRBwtþikarN_mhnþrayepSg²)an . CamYyKñanwgkarekIneLIgéncMnYn RbCaBlrdæ skþanuBlénkarGPivDÆTIpSarFanar:ab;rgk¾manpgEdr . kñúgn½yenH Rkbx½NÐbTb,BaØtiþ nigkar RtYtBinitüKYrRtUv)anBRgwg xN³EdlCMnajnigbTBiesaFn_kñúgkarRKb;RKghaniP½yRtUvelIkkm rd National Bank of Cambodia Review - 5 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 TRmg;Caminxan . dUecñH raCrdæaPi)al)anebþCJabegáItnUvehdæarcnasm<½n§sRmab;karTTYlB½t’manbBaØtiþ k¾dUcCac,ab; [)ankñúgkRmitmYymanRbsiT§PaB EdlGac[RKwHsßanhirBaØvtßúpþl;nUvplRbeyaCn_ dUcEdl eyIgR)afñacg;eXIj . CacugeRkay ´sUmsgát;F¶n;eTAelIkarksag nigGPivDÆn_smtßPaBkñúgvis½yhirBaØvtßú . naeBlenH smtßPaB CMnajbec©keTshak;dUcCaenAray):ayminTan;)anRkas;ERklsRmab;vis½yhirBaØvtßúeyIgeT . b:uEnþpÞúymkvij esvahirBaØvtßúTamTar[manFnFanmnusSEdlmansmtßPaBx RbFanbTrbs;snñisITkñúgéf¶enH sþIBI PaBCaédKUrvagraCrdæaPi)alkm<úCanigFnaKarGPivDÆn_ GasuIkñúgdMeNIreq munnwgbBa©b; ´sUmsEmþgnUvGMNrKuNcMeBaHFnaKarGPivDÆn_GasIu Edl)anCYyKaMRTkñúgkarerobcM nig kardak;sem ´eCOCak;fa nwgmankarCYyeRCamERCgeRcInBIsMNak;FnaKarGPivDÆn_GasIu (ADB) nigédKUGPivDÆn_ déTeTot kñúgkarbnþCMrujkarBiPakSaxageKalneya)ay sRmab;karGPivDÆvis½yhirBaØvtßúenAkñúgtMbn; CaBiess karerobcM[mankarCYbRbCMurebobenHeTotnaeBlGnaKt sMedACYyCMruj[mankarEckrMElkbTBiesaFn_ nig karGnuvtþl¥²[)ankan;EtpuspulEfmeTot kñúgtMbn;GasIueyIgenH . cugbBa©b; ´sUmCUnnUvBuT§BrTaMgR)aMRbkarKW Gayu vNѳ sux³ Bl³ nig bdiPaN³ ehIy sUm[karBiPakSaRbkbedayEpøpáay:agpuspul . ´sUmRbkaskardak;[eRbIR)as; yuT§sa®sþGPivDÆn_vis½yhirBaØvtßú 2006-2015 cab;BIeBlenHteTA . rd National Bank of Cambodia Review - 6 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Address at the Launching of the Official Report on “Financial Sector Development Strategy for 2006-2015” and the Opening of the Conference on “Royal Government of Cambodia-Asian Development Bank Partnership toward an Integrated and Sound Financial System” Hotel Intercontinental, Phnom Penh, 7 June 2007 Excellencies, Ladies and Gentlemen Today, I am pleased and have the great honor to attend the launching of the official report on “Financial Sector Development Strategy for 2006-2015” and the opening of the conference on “Royal Government of Cambodia-Asian Development Bank Partnership toward an Integrated and Sound Financial System”. I would like to show my appreciation to the Asian Development Bank and the National Bank of Cambodia, which are the operational agencies of this technical assistance project for initiating and organizing this meeting amongst all concerned stakeholders including national and international guests. I strongly believe that this meeting will produce good methods for creating new ideas and a consensus on certain solutions in order to speed up the financial sector development and partnership between the Royal Government of Cambodia and the Asian Development Bank on the path to a sound and integrated financial system which will contribute to the improvement of the people's standard of living. At the same time, I have noticed that this conference has been organized for the purposes of: (1) the official launching of the Financial Sector Development Strategy for 2006-2015 report which is the updated edition of the Financial Sector Blueprint 2001-2010 report, and (2) rd National Bank of Cambodia Review - 7 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 providing the opportunity to all interested parties, either domestic or regional, to share their views and provide their ideas on how the banking and financial sector should progress. Therefore, the main focus of this conference responds in a timely and appropriate way to the current development of the financial market and the new challenges faced by market participants, policy and lawmakers alike. Obviously, financial sector reform is not our final destination. The banking and financial system must play an important role in mobilizing resources and distributing those resources to the users as much as possible in order to act as an important linkage with economic growth. For instance, the reform in this sector so far has contributed successfully to the growth of the Cambodian economy, which is reflected in the highly sustainable economic growth and remarkable poverty reduction of the last decade. In the last decade, Cambodia has achieved a notable macroeconomic stability, social and economic development. Between 1994 and 2006, the average annual growth rate was 9.8%, higher than other developing countries. In 2005, the growth rate jumped to 13.4%. In 2006, the growth rate was 10.4%. Even though the figure was lower than 2005, it is still ranked as high and encouraging. Income per capita doubled, from USD $249 in 1994 to USD $500 in 2005. The inflation rate has been kept low. Foreign currencies’ exchange rates have been generally stable. The Cambodian foreign currency reserves increased markedly from USD $100 million in 1994 to USD $ 1,000 million in 2006. Without any doubt, these tremendous achievements do not ignore the challenges that still pose both large and small obstacles in the path of further development in Cambodia. The Royal Government must actively continue to fight many more battles to ensure the continuity and sustainability of the economic and financial conditions which are favorable for development and for rapid poverty reduction. The Government must continue its special effort to expand its revenue base and to rationalize its expenditure in order to increase public investments, diversify the economic growth base by boosting agricultural sector and rural development, and push for further implementation of reform on private sector development and employment through practical and effective measures aiming at improving the investment climate, trade facilitation, better governance and the promotion of small and medium enterprises. Still, all the achievements that Cambodia has attained recently made us believe that Cambodia has the full potential and ability to overcome and succeed any challenge in the present and future and move forward quickly to realize permanent peace and sustainable development. Regarding the financial sector, we have many important achievements that should be outlined, including legal reinforcement and commercial banks supervision through licensing renewal, which requires higher investment capital, the introduction of monitoring and control procedures, the standardization of the chart of accounts for all banks, strengthening the ability of the central bank to monitor commercial banks and other financial institutions, and the creation of new laws and other important regulations to increase public confidence in the banking sector. In our effort to reduce poverty, the Royal Government has considered the adequate delivery of microfinance services as an important means for supporting rural development. Based on this context, the Royal Government has been actively placing its efforts with all the microfinance institutions under the scope of the law aiming at effectively promoting the development of the microfinance sector to ensure broader coverage and to achieve low and appropriate market rates of interest. rd National Bank of Cambodia Review - 8 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 In addition, the Government has implemented its cautious monetary policy in which the main goal is to join in the process of creating stable and favorable macroeconomic conditions for economic growth and transactions, especially by ensuring a stable exchange rate and by limiting the inflation rate with the use of monetary instruments. In this context, with the implementation of its economic and financial policy, the Royal Government is determined to stick to its rule of not financing the Government's budget through banks or printing money. The Government's money supply policy has been prepared to address the necessary market demand but not to fund the Government's budget deficit. With respect to the insurance sector, the Royal Government has prepared and implemented some standard regulatory frameworks to strengthen the supervision of insurance companies through licensing renewals, the implementation of permanent controlling procedures, and the application of accounting principles. In the capital market sector, laws relating to the Government Bond have been recently prepared and approved by the legislative institutions. At the same time, the Royal Government is finalizing the draft law on the publication and transaction of corporation bonds with the objective of introducing the capital market in Cambodia by 2009. All of the above-mentioned achievements clearly show us that we have already reached a point where we need to move forward, hence we must clarify our visions for banking and financial services in Cambodia. Obviously, preparing a roadmap for the growth and development of financial sector is not an easy task given the challenges faced by Cambodia. But planning for uncertainties and looking for opportunities are the keys to success for the financial sector in the future. In this regard, I would like to fully endorse the carefully-thought policy direction and strategy as stated in the “Financial Sector Development Strategy for 2006-2015”. However, along with the above achievements I would like to demonstrate my own thoughts regarding financial sector development in the context of Cambodia as follows: First, particular attention has to be paid to the means of strengthening of public confidence, which is an essential element for fostering the role of banks in the economy. To this end, the concerned authorities need to create an environment conducive to the activity of a sound banking sector, and develop a strong and well functioning infrastructure for banking activities, as well as for fair and competitive market structures. Second, developing a national payment system is one of the key priorities in the “Financial Sector Development Strategy in 2006-2015”. Without an efficient and wide- reaching national payment system, the financial sector will not be able to provide effective intermediation, or offer its services throughout the economy. The enactment of the “Law on Negotiable Instruments and Payment Transactions” is a necessary first step that gives NBC clear authority over the payment system and to sufficient room make improvements. The design of the payment system should ensure that the needs of individual consumers, as well as corporations in the real sector, will be adequately accommodated. Third, given Cambodia’s current economic structure, it is very important to focus on the role of microfinance and entrepreneurship in poverty alleviation and economic development. Within this framework, I am glad to see that the microfinance sector reserves a chapter of its own in the “Financial Sector Development Strategy for 2006-2015”. Currently, the financial sector has focused its services mainly on the advanced sectors, while micro enterprises have still rd National Bank of Cambodia Review - 9 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 not gained adequate access to financial services. To address the financing needs of small farmers, the competent authorities need to be open to innovative ideas and encourage banks to lend to MFIs using proper microfinance methodologies; but at the same time, we need to also set in place certain parameters to ensure that risks associated with agriculture financing are properly managed. In addition, further efforts need to be made to reduce the cost of borrowing and make microfinance affordable for the poor. Fourth, to support microfinance, we need to continue, on schedule, the implementation of systematic land titling and registration in a transparent, decentralized and efficient manner. Such measures will not only stimulate farmers to invest in the improvement of the productivity and profitability of their land, but will also promote their access to funding by increasing the safety of their collaterals. Fifth, the introduction of a financial market is very important. It can help to mobilize the Cambodian people’s savings and channel them into long-term investments in social, economic and infrastructure projects. A good start for a financial market would be the Government Bonds, which are crucial for the development of the money and inter-bank markets. Sixth, the insurance sector is of considerable importance to every developing economy. It inculcates the saving habit, which in turn generates long-term investible funds for long-term investment in the real sector; it also protects businesses and individuals from catastrophic events. With increased per capita income there is also great potential to develop the insurance market. In this regard, the supervisory and regulatory framework should be enhanced, while skills and experiences on risk management need to be upgraded. Seventh, A well-functioning financial system depends on legal and regulatory underpinnings. There is no doubt that establishing financial institutions and introducing financial processes without necessary legal, supervisory framework and other legal underpinnings would impede the reform process. Thus, the Royal Government is committed to developing the financial infrastructure to effectively receive legal information, regulations and laws, which enable financial institutions to provide the benefits we wish to see. Last but not least, I would like to emphasize capacity building and capacity development in the financial sector. At the moment, specific technical capacities seem to be very thin across the system, while financial services require human resources of high capacity in order to spur economic growth and development. In this context, to timely meet the market demand and to ensure the sustainability we must focus our attention on capacity building, both in the private and public sectors. The theme of today’s symposium “ADB-Royal Government of Cambodia Partnership toward an Integrated and Sound Financial System” is a thought-provoking one and I am very pleased that all stakeholders concerned in the sector are gathering to explore ways to promote a well-functioning and healthy financial system in this increasingly globalized economy. Before closing, I would like to convey my gratitude to the ADB for supporting the preparation and launching of the “Financial Sector Development Strategy for 2006-2015”, which aims at turning our knowledge and insights into action. Furthermore, on behalf of the Royal Government of Cambodia and myself, I would like to extend my appreciation to National Bank of Cambodia, Ministry of Economy and Finance and the establishments concerned, especially technical working group on the formulation of this important document for their great efforts. rd National Bank of Cambodia Review - 10 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 I am convinced that there will be great support from the ADB and development partners for elaborating policies for financial sector development in our region, particularly by arranging for this kind of discussion in the future in order to share experiences and knowledge in Asia. Finally, I would like to wish you all with the Five Gems of Buddhist Blessings. And may this discussion be a fruitful one. May I announce the launching of “Financial Sector Development Strategy for 2006-2015”. rd National Bank of Cambodia Review - 11 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 sunÞrkfasVaKmn_ rbs;Ék]tþm Ca can;tU eTsaPi)al FnaKarCatiénkm<úCa EføgkñúgsnñisITsþIBIPaBCaédKUrvagraCrdæaPi)al nigFnaKarGPivDÆn_GasIu kñúgdMeNIreq Cabzm ´sUmeKarB ³ - semþc h‘un Esn naykrdæm®nþIénraCrdæaPi)alkm<úCa CaTIeKarBd¾x éf¶enH CaTivad¾»LarikEdlFnaKarCatiénkm<úCa RksYgesdækic©nighirBaØvtßú nigRksYgBaNiC¢kmμ edaymankic©shRbtibtþikary:agCitsñiT§BIFnaKarGPivDÆn_GasIu ¬ADB¦ )anerobcMR)arB§eFVIsnñisITsþIBI {PaBCaédKUrvagraCrdæaPi)alnigFnaKarGPivDÆn_GasIu kñúgdMeNIreq rd National Bank of Cambodia Review - 12 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 kñúg»kasd¾viessvisalenH tagnam[GgÁsnñisITTaMgmUl ´sUmsMEdgnUvkic©sVaKmn_ Karvkic© nigEføgGMNrKuNy:agRCaleRCA cMeBaHvtþmand¾]tþúgÁ]tþmrbs; semþc naykrdæm®nþI Edl)aneqøót »kasd¾mantémø pþl;kitþiysGeBa¢IjcUlrYmCaGFibtIkñúgBiFIebIkGgÁsnñisITenH. vtþmand¾]tþúgÁ]tþmrbs; semþc naykrdæm®nþI )aneFVI[snñisITTaMgmUlkan;EtmanPaB»Larik GFikGFm nigmanGtßn½yy:ag RCaleRCAEfmeTot . ´sUmsVaKmn_ nigGrKuNpgEdr cMeBaHvtþmanrbs; Ék]tþm elakCMTav CasmaCik RBwT§sPa rdæsPa fñak;dwknaMRksYg-sßab½nénraCrdæaPi)al fñak;dwknaMextþ-Rkug GgÁTUt ePJóvkitþiysCati nigGnþrCati tMNagRKwHsßanFnaKarnighirBaØvtßú Edl)anGeBa¢IjcUlrYmkñúgGgÁsnñisITenH . enAkñúgdMeNIrkarénkareFVIkMENTRmg;esdækic©rbs;raCrdæaPi)al FnaKarCatiénkm<úCa edaymankar dwknaMpÞal; BIsemþcnaykrdæm®nþI )anxitxMRbwgERbgy:ageRcInkñúgkarelIkkm 1- RbvtþiénkarerobcMÉksaryuT§sa®sþ edayyl;BItYnaTId¾sMxan;rbs;vis½yFnaKarnighirBaØvtßú enAkñúgkarrYmcMENkseRmceKaledAén karGPivDÆesdækic©Cati kalBIqñaM1999 nigqñaM2000 raCrdæaPi)alkm<úCa nigFnaKarGPivDÆn_GasIu )anshkar erobcMyuT§sa®sþry³kalEvgmYy sMedAGPivDÆn_vis½yFnaKarnighirBaØvtßúenAkm<úCa . enAqñaM2001 Éksar ckçúvis½ynigEpnkarGPivDÆn_vis½yhirBaØvtßúsRmab;qñaM2001-2010 RtUv)anraCrdæaPi)alGnum½tCaÉksar mKÁúeTÞsk_ nigyuT§sa®sþsRmab;;dwknaMkMENTRmg;kñúgvis½yFnaKar nighirBaØvtßú . edIm,IerobcM RBmTaMgGnuvtþ rebobvar³kMENTRmg; KN³kmμaFikardwknaMkarGPivDÆvis½yhirBaØvtßú nigRkumkargarbec©keTssRmab; karGPivDÆvis½yhirBaØvtßú RtUv)anbegáIteLIgenAqñaM2002 edaymankarcUlrYmBIsMNak;sßab½nBak;B½n§ sMxan;²KW FnaKarCatiénkm<úCa RksYgesdækic©nighirBaØvtßú nigRksYgBaNiC¢kmμ EdlTnÞwmenaH FnaKarCatiénkm<úCa mantYnaTICaPñak;garRbtibtþipg nigCaelxaFikardæanpg . KN³kmμaFikardwknaMkarGPivDÆvis½yhirBaØvtßú TTYlPar³CaGaT× ³ 1- sRmbsRmYlkic©]btßmÖKaMRTnana sRmab;karGPivDÆvis½yhirBaØvtßú 2- kMNt;eKalneya)ay EpnkaryuT§sa®sþ nigfvikasRmab;karGPivDÆvis½yhirBaØvtßú 3- pþl;nUvkarRTRTg;caM)ac;nana sRmab;RbsiT§PaBénkarGnuvtþkMENTRmg; . rd National Bank of Cambodia Review - 13 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 2- smiT§plCaTUeTAénkMENTRmg; nigkareFVIbc©úb,nñkmμckçúvis½ynigEpnkarGPivDÆn_ vis½yhirBaØvtßú qñaM2001-2010 tamry³karGnuvtþckçúvis½ynigEpnkarGPivDÆn_vis½yhirBaØvtßúsRmab;qñaM2001-2010 vis½y FnaKarnighirBaØvtßúenAkm<úCa mankarrIkceRmInKYr[kt;smÁal; . kareFVIkMENTRmg;rcnasm<½n§vis½yFnaKar Edl)anbBa©b;enAqñaM2002 )ancUlrYmBRgIkTMhM nigvisalPaBRbB½n§FnaKar TaMgelIEpñkcMnYnFnaKar TaMgelIEpñksþIBIkRmiténPaBsIuCeRmAvis½yhirBaØvtßú TaMgEpñkxagkRmitkMeNIn\NTannigR)ak;beBaØI . bc©úb,nñ taragtulükarsrubrbs;FnaKarBaNiC¢)anekIneLIgCamFüm20°kñúgmYyqñaM KitBIqñaM2001 dl; qñaM2006 . Gnu)atRTBüskmμeFobnwgplitplkñúgRsuksrub )anekInBI19° enAqñaM2001 eTA27° enAqñaM 2006 . TnÞwmenaH eyIgk¾)anelIkTwkcitþ[mankarRbkYtRbECgkñúgvis½yFnaKar tamry³kareFVIesrIPavUbnIykmμ d¾RbugRby½tñ nigkarbgábrisßanRbkYtRbECgsmRsbrvagFnaKarkñúgRsuknigbreTs . lT§plénkMENTRmg;enH RtUv)anbgðajpgEdr tamry³karbegáItmUldæanRKwHsRmab;karRtYtBinitüRbB½n§FnaKar rYmTaMgkarbegáIt[ manviFankarRbugRby½tñ kardak;[eRbIR)as;bøg;KNnIÉkPaBsRmab;FnaKarBaNiC¢ karBRgwgkarRKb;RKg nigRtYtBinitüEpñkmIRkUhirBaØvtßú karbegáItRkbx½NÐbTb,BaØtþisRmab;TIpSarrUbiyvtßúnigRbB½n§TUTat; kardak; [eRbIR)as;nUvRbB½n§EckrMElkB½t’man\NTan RBmTaMgkarerobcM[manmUldæanc,ab; nigsßab½nsRmab;RbqaMg nwgkarsMGatR)ak; nighirBaØb,TanePrvkmμ . smiT§plsMxan;²TaMgenH )anrYmcMENkBRgwgCMenOTukcitþrbs;saFarNCn mkelIvis½yFnaKar nighirBaØvtßúkm<úCa . b:uEnþTnÞwmenaH edIm,I[kan;EtmanlkçN³smRsbnwgkRmiténkarrIkceRmInd¾x karerobcMÉksar {yuT§sa®sþGPivDÆn_;vis½yhirBaØvtßúqñaMM2006-2015} RtUv)anpþÜcepþImeLIg naedImqñaM2006 bnÞab;BImankarsikSavaytémøy:agl¥itl¥n;eTAelIsßanPaBénvis½yhirBaØvtßúrbs;km<úCa nigelIvDÆnPaBénkMENTRmg;EdlBak;B½n§TaMgLay . enAkñúgdMNak;kalTaMgmUlénkarerobcMÉksar rd National Bank of Cambodia Review - 14 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 eyIg)anepþatkarykcitþTukdak;eTAelIemeronnigbTBiesaFn_CaGnþrCati karRbmUlpþúMmtieyabl; nigkarÉkPaB RBmeRBogCaTUeTA eTAelIviFIsa®sþ TsSnaTan TisedA xøwmsar GaTiPaBCaKnøwH niglMdab;lMeday énskmμPaBkMENTRmg;BIsMNak;mCÄdæanBak;B½n§TaMgLayenAkñúgRbeTs . kic©RbCu¿CaeRcInRtUv)anerobcMeLIg rYmTaMgsikçasalaBieRKaHBiPakSa nigkarbegáItevTikaksagmti CaÉkcä½nÞ edIm,IFana[ {yuT§sa®sþGPivDÆn_;vis½yhirBaØvtßú qñaMM2006-2015} køayCaÉksarRkbx½NÐ yuT§sa®sþpøÚvkarrbs;Cati . enAkñúgbribTenH dMeNIrkarTaMgmUlRtUv)ankt;sMKal;edayPaBCaédKUrvag rdæaPi)al Pñak;garshRbtibtþikarbec©keTsGnþrCatinana nigvis½yÉkCn . dUecñH TnwÞmnwgedIrtYnaTICa mKÁúeTÞsk_ ÉksarenHk¾manbMNgpþl;pgEdr nUvRkbx½NÐCamUldæanmYysRmab;;sRmbsRmYl nigRTRTg;dl; kic©shRbtibtþikarrvagsßab½nBak;B½n§Cati nigGnþrCatiTaMgLay EdlR)afñaKaMRTkarERbkøay ehdæarcnasm<½n§ vis½yhirBaØvtßúenAkm<úCa eq 3- xwømsarrYményuT§sa®sþGPivDÆn_vis½yhirBaØvtßú qñaMM2006-2015 eKalkarN_Edl)anRbkan;yk sRmab;erobcM {yuT§sa®sþGPivDÆn_;vis½yhirBaØvtßúqñaMM2006-2015} rYmman ³ ¬k¦-karbegáInRbsiT§PaBkñúgkarkMNt;skmμPaByuT§sa®sþ nigsMedAlubbM)at;PaBrwtt,it EdlCa]bsKÁcMeBaHkarGPivDÆvis½yhirBaØvtßú ¬x¦-karrkSaPaBR)akdniymEdlGnuBaØat[Pñak;garGnuvtþn_ TaMgLay GacseRmceKaledArbs;xøÜn)any:agsmRsbenAkñúgbribTrbs;km<úCa nig¬K¦-karCMruj[mancIrPaB tamry³karkMNt;lMdab;lMedayRtwmRtUvénkMENTRmg;vis½yhirBaØvtßú . dUecñH {yuT§sa®sþGPivDÆn_; vis½yhirBaØvtßúqñaMM2006-2015} KWCaEpnkarrMkiltameBlevla edIm,IeFVI[kan;EtsuRkwtEfmeTot nUvlMdab;lMedayénkMENTRmg;sßab½n nigehdæarcnasm<½n§mYycMnYn Edl)anEcgenAkñúgÉksardMbUg . TegVIenH minEmnmann½yfa eyIg)at;bg;snÞúHénkarGPivDÆeT b:uEnþCakareqøIytbnwgPaBcaM)ac;énkarGnuvtþkMENTRmg; [RsbtambrikarN_bc©úb,nñ . TnÞwmnwgkarrMkileBlevlasRmab;kMENTRmg;mYycMnYn k¾mankardkecj nigbEnßmfIμnUvkmμviFIkMENTRmg;mYycMnYneTotpgEdr . CarYm yuT§sa®sþGPivDÆn_;vis½yhirBaØvtßú qñaMM2006-2015 epþatelITidæPaBsMxan;bYn KW ³ 1- mUldæanRKwHénvis½yhirBaØvtßú 2- vis½yFnaKar nigmIRkUhirBaØvtßú 3- vis½yhirBaØvtßúminEmnFnaKar nig 4- karBicarNaqøgvis½y . rd National Bank of Cambodia Review - 15 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 semþcnaykrdæm®nþI CaTIeKarBd¾x ● TIBIr yuT§sa®sþsRmab;vis½yFnaKar maneKaledAbegáItRbB½n§FnaKarmYy EdlmanlkçN³RbkYtRbECg smahrNkmμ nigRbsiT§PaB . dUecñH KWTamTar[mankarRKb;RKg karRtYtBinitü nigkarRTRTg;smRsb cMeBaHRKwHsßanFnaKar . kñúgn½yenH GaTiPaBcm,gRtUvepþateTAelIkareFVIsV½yRbvtþikménRbB½n§TUTat;μ nigpat;Tat;mUlb,TanbR½t nigkarpþÜcepþImdMeNIrkarGPivDÆRbB½n§TUTat;eGLicRtUnikkRmitCati sRmab; RTRTg;dMeNIrkarénral;Rbtibtþikaresdækic© . elIsBIenH kMENTRmg;nwgepþateTAelIkarelIkkm ● TIbI yuT§sa®sþvis½ymIRkUhirBaØvtßú maneKaledAbegáItRbB½n§mIRkUhirBaØvtßúmYyRbkbedaycIrPaB nigRbsiT§PaB Edlnwgpþl;esvahirBaØvtßúkñúgtémøEdlBlrdæenACnbTGacTTYlyk)an . edIm,IseRmc eKaledAenH karelIkkm rd National Bank of Cambodia Review - 16 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 nigbBaØtþikr karsikSaelIkarbegáItRKwHsßanmIRkUhirBaØvtßúkñúgTRmg;epSg²eTAtamtRmUvkartMbn;CnbT karBRgIkRbB½n§B½t’man\NTan[dl;RKwHsßanmIRkUhirBaØvtßú nigkarCMrujkarpSarP¢ab;TMnak;TMnghirBaØvtßú rvagRKwHsßanmIRkUhirBaØvtßúnigFnaKarBaNiC¢ . kñúgsμartIenH ´k¾sUmrMlwknigCRmabCUnCaB½t’manpgEdr BiesssRmab;ePJóvbreTs nUvGnusasn_d¾éføføarbs;semþcnaykrdæm®nþI kñúg»kassnñisITCatisþIBI mIRkUhirBaØvtßúkm<úCaqñaM2006 Edlelak)anmanRbsasn_fa { raCrdæaPi)alenAEtRbkan;ykeKalneya)ay GRtakarR)ak;TIpSar } enHmann½yfa raCrdæaPi)alnwgminGnuvtþnUvviFankarrdæ)al edIm,IkMNt;GRta karR)ak;eLIy . semþc naykrdæm®nþI CaTIeKarB Ék]tþm elakCMTav elak elakRsI GñknagkBaØa CaTIemRtI srubmk ÉksaryuT§sa®sþenH mansar³sMxan;kñúgkarGPivDÆvis½yhirBaØvtßúnigkMeNInesdækic© BIeRBaHvis½yhirBaØvtßúmandMeNIrkarl¥ Gackat;TmøúHTmøayRBMEdnénsV½yhirBaØb,TanpÞal;xøÜn ehIyGac ekorKrFnFanhirBaØvtßúEdlenATMenr sRmab;mkbeRmItRmUvkarkñúgplitkmμ . karGPivDÆvis½yhirBaØvtßú RtUvEtedIrTnÞwmKñaCamYykarGPivDÆvis½yÉkCnnigGPi)alkic©l¥ ehIyk¾RtUvbnþBRgwgvis½yFnaKar nig mIRkUhirBaØvtßúbEnßmeTot edIm,IRTRTg;dl;karbegáInkMeNInesdækic©RbkbedaycIrPaB eq CaTIbBa©b; ´sUmsMEdgnUvGMNrKuNcMeBaH FnaKarGPivDÆn_GasIuEdl)anKaMRTkareFVIbc©úb,nñkmμ Éksard¾caM)ac;enH nigcMeBaHshRbtibtþikard¾CitsñiT§TaMgLay enAkñúgkarGnuvtþkMENTRmg; kñúgvis½yFnaKar nighirBaØvtßúenAkm<úCa . CafImþgeTotμ ´sUmsMEdgnUvGMNrKuNcMeBaH semþc h‘un Esn naykrdæm®nþIénraCrdæaPi)alkm<úCa Edl)anGeBa¢IjcUlrYmCaGFibtId¾x sUmGrKuN ¡ rd National Bank of Cambodia Review - 17 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Unofficial Translation Welcoming Remarks by H.E. Chea Chanto Governor of the National Bank of Cambodia, During the Symposium on Royal Government of Cambodia-ADB Partnership towards an Integrated and Sound Financial System Intercontinental Hotel, Phnom Penh, 7 June 2007 Samdech Prime Minister, Mr. Arjun Goswami, ADB Country Director, Excellencies, Distinguished Guests, Ladies and Gentlemen, Today is an excellent opportunity for the National Bank of Cambodia (NBC), the Ministry of Economy and Finance, and the Ministry of Commerce, under cooperation and sponsorship by the Asian Development Bank (ADB), to jointly organize the symposium on Royal Government of Cambodia-ADB Partnership towards an Integrated and Sound Financial System and officially launch the Financial Sector Development Strategy 2006-2015 under the distinguished presence of Samdech Prime Minister Hun Sen. Taking this special moment, on behalf on the symposium, I would like to express my profound respect and sincerest thanks to Samdech Prime Minister. The distinguished presence of Samdech at this event is very meaningful and helps energize further active participation and greater commitment. I would also like to warmly welcome Excellencies, Ladies and Gentlemen for being here to support this symposium. rd National Bank of Cambodia Review - 18 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Since the economic reform initiation of the early 1990s, the National Bank of Cambodia, directly led by Samdech Prime Minister, has advanced numerous efforts to enhance the banking and financial sectors. We have further intensified our resolve since the Government adopted the Financial Sector Development Blueprint for 2001-2010 as a financial guideline. I would like to take this opportunity to ask for permission from Samdech Prime Minister and all participants to highlight three important points in relation to this strategic document as follows: 1. Background of the Strategic Document Preparation Seeing the important role of the banking and financial sectors in contributing to achieving economic goals for 1999-2000, the Royal Government of Cambodia and Asian Development Bank cooperated to make a long-term strategy for banking and financial sector development in Cambodia. The Financial Sector Development Blueprint for 2001-2010 was approved by the Government as the guiding strategic document for directing reforms in banking and financial sectors from 2001 onward. To prepare and implement the reform agenda, Financial Sector Development Committees and Technical Working Group for Financial Sector Development were established in 2002; these were composed of three main institutions: the National Bank of Cambodia, the Ministry of Economy and Finance, and the Ministry of Commerce. The National Bank of Cambodia plays roles both as an implementing agency and as secretariat. Financial Sector Development Committees are in charge of: • Facilitating various aid disbursements for financial sector development; • Determining strategic plans and budgets for financial sector development; and • Providing necessary support for reform implementation efficiency. 2. Reform Achievements and the Update of Financial Sector Development Blueprint for 2001-2010 With the Financial Sector Development Blueprint for 2001-2010 set, the banking and financial sectors in Cambodia have experienced remarkable progress. The structural reform of the banking sector (completed in 2002) has expanded the scope of the banking system in terms of the number of banks, the level of financial sector depth and the increasing level of credits and deposits. Currently, the consolidated balance sheet of all commercial banks shows an average increase of 20% annually from 2001-2006. The ratio of total assets to GDP increased from 19% in 2001 to 27% in 2006. At the same time, we have also encouraged competition in the banking sector through prudent liberalization and the opening of an appropriate competition environment between local and foreign banks. The results of the reform were achieved through the creation of fundamental principles for banking supervision and its prudential supervisory system, the adoption of a new uniform chart of accounts for commercial banks, the strengthening of the management of the microfinance sector supervision, the establishment of a regulatory framework for the money market and payment system, the adoption of a credit information sharing system, and the preparation of a regulatory and institutional base for anti-money laundering and terrorism financing. These paramount achievements have contributed to boosting public confidence in the Cambodian banking and financial sectors. In connection to high economic growth, changes in the implementation environment, and other common challenges, the financial sector rd National Bank of Cambodia Review - 19 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 development committees decided to update the Financial Sector Development Blueprint for 2001-2010 to the Financial Sector Development Strategy 2006-2015 in order to respond to actual circumstances and the exigent needs of the country. To set priorities and sequences of reforms perfectly, we updated the strategic document to accelerate improvement in the financial sector in Cambodia. The preparation of Financial Sector Development Strategy 2006-2015 was initiated in early 2006 after performing a thorough assessment of the condition of the Cambodian financial sector and the progress of relevant reforms. During the whole documentation process, we paid our attention to international lessons and general consensus on methods, concepts, objectives, essences, key priorities and sequences of reform activities from various involved parties in the country. Several meetings have been arranged, including discussion workshops and unanimity idea forum, to make the Financial Sector Development Strategy 2006-2015 the nation’s official strategic framework document. In this circuit, the whole process was marked by the Government’s partnership with international technical cooperation agencies and the private sector. Hence, this document plays not only a guiding role but also provides a framework for facilitating cooperation between concerned local and international institutions who wish to support the transformation of financial sector infrastructure in Cambodia to be a strong, deep, efficient and balanced system. III. Overview of the Financial Sector Development Strategy 2006-2015 The Financial Sector Development Strategy 2006-2015 (FSDS 2006-2015) was updated and revised from the previous document in a manner which seeks to be: (1) effective in strategizing and prioritizing actions to remove the binding constraints to the development of the financial system; (2) pragmatic, in that it is reasonably attainable in the context of Cambodia’s unique conditions; and (3) sustainable in correctly sequencing financial sector reform. The FSDS 2006-2015 will be another rolling plan, requiring continuous updates to reflect the sequencing reforms of institutions and infrastructures which were set forth in the previous document. Doing this does not mean that we are losing the pace of development; rather, our intention is to respond to requirements for strengthening and sustaining the necessary reforms given our present context. However, with the rolling plan, some reforms will be withdrawn, while others will be included in the plan. The FSDS 2006-2015 focuses on four aspects as follows: • Foundation of finance • Banking and microfinance • Non-banking finance • General cross-sectoral consideration Respectful Samdech Prime Minister, Distinguished Guests, The FSDS 2006-2015 will provide a pragmatic basic solution to the financial sector. Within the central bank’s context, I would like to express some opinions as follows: - Because economic developments in both urban and rural areas are growing at a parallel rate, the strategy of the banking sector focuses on two separate reform objectives but is combined in one common integration framework: objectives for banking activity and rd National Bank of Cambodia Review - 20 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 for rural finance operations. The two objectives are necessarily supported by the foundation of finance, such as institutional and legal frameworks. - First, Foundation of Finance aims at setting up preconditions for financial and banking developments. To achieve this, macroeconomic stability is necessarily sustained. The National Bank of Cambodia will commit and cooperate with concerned ministries, especially the Ministry of Economy and Finance, to ensure transparency and compatibility in implementing fiscal and monetary policies. Having done that, we then hope to improve the banking intermediary capacity and eventually help boost public confidence in the financial sector. - Second, the strategy for Banking Sector aims at establishing a competitive, integrated, and efficient banking system. This requires sufficient support and supervision over banking institutions. To facilitate the process, priority must be given to the automated payment system, the check clearing system, and the creation of a national electronic payment system for supporting inter-bank market processes. In addition, reforms must be focused on the exchange market, development of information technology unit of NBC, improvement in capacity of banking supervision, implementation of prudential regulations and law, and expansion of the credit information sharing system (CIS). - Third, the strategy for Microfinance Sector aims at setting up a sustainable and efficient microfinance system that can provide financial services at an acceptable price for rural people. To promote soundness in microfinance institutions (MFIs), NBC has an important role in supervising them to ensure their compliance with regulations. To attain this, the supervisory capacity of staff should be improved; a careful study on establishing microfinance institutions in remote areas should be conducted; the CIS for MFIs should be established; and the cooperation among financial institutions (commercial banks and MFIs) should be inter-connected in order to decrease microfinance interest rates. According to this, I would like reiterate, especially for foreigners, the recommendation Samdech Prime Minister made on the occasion of the Microfinance Conference 2006 that the government will continue to adhere to market- determined interest rate policy, meaning that no administrative procedures will be taken to determine the interest rate but the market mechanism itself will do. In conclusion, the Financial Sector Development Strategy 2006-2015 is an important guideline for developing the banking and financial sectors and eventually boosting economic growth because with a more efficient financial sector, we can attract and mobilize financial resources outside the banking system for further investment. The development of the financial sector should be harmonized with the development of the private sector and good governance. Moreover more efforts must be made to bolster the banking and microfinance sectors in order to boost economic growth contributing to the government’s ultimate goal of poverty reduction in Cambodia. The strategic document is flexible. With this special characteristic, the government is able to amend some policies if necessary in order to reflect advancements and to respond to changes. Finally, I would like to thank the ADB for providing support in updating this important document and for close cooperation in implementing the banking and financial reforms in Cambodia. Last but not least, I would like to express my profound gratitude to Samdech Prime Minister for spending precious time presiding over the symposium, and I would also like to extend my best wishes to Samdech, Excellencies, Ladies and Gentlemen, Extinguished Guests for joining this conference for healthiness, happiness and every success in the given noble missions. Thank You!!! rd National Bank of Cambodia Review - 21 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 kic©RbCuMfñak;eTsaPi)al FnaKarkNþalénbN þaRbeTsniyayPasa)araMg elIkTI14 TIRkugEb‘n RbeTssV‘Ís éf¶TI29-31 Ex]sPa qñaM2007 3 bTGnþraKmn_rbs; Ék]tþm Ca can;tU eTsaPi)al FnaKarCatiénkm<úCa FnFanhirBaØvtßú én FnaKarCati én km<úCa elak-elakRsI RbiymitþTaMgLay FnFanhirBaØvtßúrbs;FnaKarCatiénkm<úCa manlkçN³RsedogCaeRcIndUcFnaKarkNþalepSg²eTotEdr b:uEnþ RbeTskm<úCa)anqøgkat;Rbvt þisa®s þd¾RcbUkRcbl; kñúgry³eBl3TsSvtSr_eRkayenH . rcnasm<½n§ FnFanFnaKarCatiénkm<úCa k¾RtUvrg\T§iBlCabnþbnÞab; CaGaT× edaybc©½yénduløarUbnIykmμénexOnesdækic© nigkareRbIR)as;sac;R)ak;Cacm,gkñúgkarTUTat; . ´sUmelIkbgðajCUnnUvTidæPaBedayELkénkarRKb;RKgFnFanhirBaØvtßúrbs;FnaKarCatiénkm<úCa tamlMnaMdUcteTA³ 1- mUlniFipÞal;rbs;FnaKarkN þaleTIbEtRtUv)anksageLIg 2- karRbIR)as; nigbrimaNFnFanmankMeNInqab;rh½s 3- esdækic©km<úCa Caesdækic©duløarUbnIykmμx 1 - mUlniFipÞal;rbs;FnaKarkNþaleTIbEtRtUv)anksageLIg ³ FnaKarCatiénkm<úCaRsavRCavRbmUl)anmas nigmUlniFiTaMgLay EdlGtItFnaKarCatiénkm<úCa)antmál; nigepJITukenAFnaKarBaNiC¢ nigFnaKarkNþalbreTs . rdæaPi)alk¾)anRbKl;Parkic©[FnaKarCatiénkm<úCa RbmUlmkvijnUvRTBüsm,tiþrbs;FnaKarBaNiC¢km<úCa ¬CaFnaKarrbs;rdæTaMgGs;¦ Edlkan;kab;edayFnaKar breTs . masnigmUlniFiEdlRbmUl)anCabn þbnÞab;)anCYy[FnaKarCatiénkm<úCaksagedImTun nigBRgwgTunbRmugrbs;xøÜn . rd National Bank of Cambodia Review - 22 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 bEnßmelIenH mYycMENkénlT§plRbtibtþikarhirBaØvtßúRbcaMqñaMrbs;FnaKarCatiénkm<úCa RtUv)anEbgEck tameKalkarN_kMNt;cUleTAkñúgTunbRmugpøÚvkarepSg² EdlCacm,g KWkareFVITayC¢Tan 20° énR)ak;cMeNj suT§ . eRkABIenH FnaKarkN þa lBMuRtUv)anGnuBaØatrkSaTukR)ak;cMeNjeT edaysarEtsßanPaBtRmUvkar x 2 - kareRbIR)as; nigbrimaNFnFanhirBaØvtßúrbs;FnaKarCatiénkm<úCamankMeNInqab;rh½s ³ TMhMFnFanrbs;FnaKarCatiénkm<úCa)anekIneLIg 4/3dg kñúgry³eBl9qñaMcugeRkayenH eBalKW)anekIn BI 0/36 eTA 1/5 Ban;landuløar . RbPBFnFancPincipales Ressom,g urces 1 800,0 1 600,0 1 400,0 1 200,0 R)ak;erolkñúgcracrN_ FnaKarkñúgRsukRiels en circulation 1 000,0 Banques locales rdæaPi)alGouv ernement FMI 800,0 mUlniFirUbiyvtßúGnþrCati Fonds propres mUlniFipÞal; Millions de USD de Millions landuløarGaemrik 600,0 400,0 200,0 0,0 1 997997 1 1 998 998 1999 1 999 2000 2 000 2001 2 0 01 2002 2 002 2003 2 003 2004 2 004 2005 2 005 2 2006 006 RkahVsßiti1 ³ RbPBFnFancm,g²rbs;FnaKarCatiénkm<úCa RbkarenH CaskçIPaBénkarrYmcMENkrbs;FnaKarkNþal kñúgkarGPivDÆesdækic© nigvis½yhirBaØvtßúkm<úCa . ●KYrkt;smÁal;fa esdækic©km<úCaTTYl)ankMeNIny:agx rd National Bank of Cambodia Review - 23 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 kMeNInplitplsrubrbs;km<úCaCroissance du PIB cambodgien 16,0 14,0 12,0 10,0 GRtakMeNInplitplsrub 8,0 Taux de croissance du PIB kMeNInCaPaKry Croissance en % 6,0 4,0 2,0 0,0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 RkahVsßiti2 ³kMeNInplitplsrubrbs;km<úCa ●kMeNInGn þrkariykmμFnaKar k¾rwtEtKYr[kt;smÁal;EfmeTot ³ EtkñúgqñaM2006b:ueNÑaH R)ak;beBaØIekIn 45° rIÉ\NTanekIn 42° . kMeNInTauxR)a kde; beBaØInicroissanceg des\NTanrbs dépôts et crédits bancaires;FnaKarenAkm<úCa 50,0% 45,0% 40,0% 35,0% 30,0% Dépôts 25,0% R)ak;beBaØI Crédits 20,0% \NTan 15,0% 10,0% 5,0% 0,0% 2003 2004 2005 2006 RkahVsßiti3 ³kMeNInR)ak;beBaØInig\NTanrbs;FnaKarenAkm<úCa rd National Bank of Cambodia Review - 24 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 lT§plénkMeNInskmPaBFnaKard¾xøaMgenHμ sbBa¢ak;BIkarekIneLIgy:agxøaMgénGnþrkariykm FnaKarμ ³ R)ak;beBaØI)anekInBI 13° eTA 20° énplitplseRmckñúgry³eBl4qñaM . fVIt,itfa tYelxenHenAman kRmitTaby:ageRcIn ebIeFobeTAnwgRbeTseCOnelOnEdleKEtgmanGRtax Ratio Dépôts bancaires / PIB Gnu)atR)ak;beBaØIFnaKar/pss 25% 20% 15% 10% 5% 0% 2002 2003 2004 2005 2006 RkahVsßiti4 ³ Gnu)atR)ak;beBaØIFnaKar /pssenAkm<úCa Casrub ³ BuMKYrPJak;ep¥IleT Edlfa TMhMéntaragtulükarrbs;FnaKarkNþal)anbgðajBIkarekIneLIg y:agqab;rh½senaH . ´sUmQanmkdl;cMNucBiessénesdækic©km<úCa EdlGs;elakFøab;CYbRbTHEdr b:uEnþ vaCacMNucBiess edayELkrbs;km<úCa ³ enaHKWduløarUbnIykmμ. 3 - duløarUbnIykmμd¾x rd National Bank of Cambodia Review - 25 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ban;lanerol Ban;lanerol R)ak;beBaØICaerol rUbiyvtßúeRkARbB½n§FnaKar R)ak;beBaØICarUbiyb½NÑbreTs 1duløar = 4>000erol RkahVsßiti5 ³ karvivtþénbrimaNrUbiyvtßúenAkm<úCa duløarUbnIykmμesdækic©km<úCa Caplvi)akénvibtþineya)aynigesdækic©CabnþbnÞab; EdlbgçM[RbCaCn manRbtikmμtbvij tamry³kareRbIR)as;kan;EteRcIneLIg²nUvR)ak;duløarGaemrik RBmTaMgrUbiyb½NÑepSgeTot dUcCaR)ak;)atéf nigR)ak;dugevotNam CaedIm . rUbiyb½NÑTaMgenH CaTUeTA RtUv)aneRbICameFüa)aysnSM nigmeFüa)ayTUTat;enAkm<úCa . BuMTan;mankarsikSaGMBITMhMCak;lak;énrUbiyb½NÑenAkñúgcracrN_ eRkamrUbPaBCa sac;R)ak;enAeLIyeT b:uEnþeK)a:n;sμanfa manRbEhlCa 9PaK10 énbrimaNsac;R)ak;srubkñúgcracrN_ ehIyCasrubR)ak;erolCasac;R)ak;kMBugcracr nigCaR)ak;beBaØIenAkñúgFnaKarmanRbEhlEt 8° b:ueNÑaH énbrimaNrUbiyvtßúsrubenAkm<úCa . brimaNrUbiyvtßú¬Ban;landuløar¦ 2006 -sac;R)ak;CaerolkMBugcracr>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 0/39 -R)ak;beBaØICa rUbiyb½NÑ>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 1/28 -R)ak;beBaØICa erol>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 0/04 brimaNrUbiyvtßú¬sßitikMBugman¦>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 1/71 -sac;R)ak;Ca rUbiyb½NÑkMBugcracr¬)a:n;sμan¦>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 3/55 brimaNrUbiyvtßú¬eyagtamkar)a:n;sμan¦>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 5/26 brimaNrUbiyvtßú M2 qñaM 2006 rd National Bank of Cambodia Review - 26 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 ●edayehtuplénduløarUbnIykmμenAkm<úCa sac;R)ak;kMBugcracr tMNag[cMENktUcmYyb:ueNÑaH kñúgFnFanrbs;FnaKarkNþal¬23°¦ FnFancm,gPrincipales ressources ¬PaKry¦ (pourcentage) 100% 90% 80% 70% 60% Riels R)ak;erolkñúgcracrN_ en circulation Banques locales 50% G FnaKarkñúgRsouvernement uk FMI f ondsrdæaPi)al propres 40% mUlniFirUbiyvtßúGnþrCati 30% mUlniFipÞal; 20% 10% 0% 19971 997 1998 1 998 1999 1 999 2000 2 000 2001 2 001 2002 2 002 2003 2 003 2004 2 004 2005 2 005 20 206 006 RkahVsßiti6 ³ FatupSMénFnFanrbs;FnaKarCatiénkm<úCa kgVl;rbs;FnaKarCatiénkm<úCaRtg;RbkarenHKW cMNUlBIkare)aHBum RbPBFnFanCaRRessources)ak;erolnigCar en riels Ubiyb½NÑbreTset en devises 100% 90% 80% Ca ú 70% 60% rUbiyb½NÑbreTsRessources en devises Billets en riels en circulation 50% sac;R)ak;erolkñúgcracrN_ Autres ressources en riels ;FnaKarCatiénkm< s edImTunepSg²eTotEdlCaR)ak;erolFonds propres 40% epSg² % des ressources% de la BNC 30% 20% edImTunCaPaKryrb 10% 0% 11997 997 11998 998 11999 999 22000 000 22001 001 22002 002 22003 003 22004 004 22005 005 22006 006 RkahVsßiti7 ³ RbPBFnFanCaerolnigCarUbiyb½NÑbreTsrbs;FnaKarCatiénkm<úCa rd National Bank of Cambodia Review - 27 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 ebIQrelIkarKitKUrBIFnFanrbs;FnaKarkNþal KuNvibtþþiéncracrN_RkdasR)ak;breTsy:ageRcInenH RtUv)anpat;Tat;mYycMENk edaysßanPaBeRbIR)as;d¾elIslb;énsac;R)ak;kñúgexOnesdækic©km<úCa . 4 - sac;R)ak;CameFüa)aycm,gkñúgkarTUTat;enAkm<úCa ³ karKNnabrimaNrUbiyvtßúsrubenAkm<úCa manmUldæanmYycMENkBIkar)a:n;sμanCarYm eRBaHfa eKBuM)andwg c,as;las;BIbrimaNRkdasR)ak;breTsEdlkMBugcracreT . esdækic©km<úCa Caesdækic©sac;R)ak; edayfa enAkñúgbrimaNrUbiyvtßúsrubsac;R)ak;deNþImsmamaRtx sac;R)ak;CaerolkMBugcracrBillets en riels en circulation 400 30% emIlKMnUsRkwtsþaMéchelle de droite 350 25% 300 20% 250 sac;R)ak;erol ¬landuløar¦ Billets en riels (en M USD) 200 15% Billets sac;R)ak;Ca°énFnFan en % des ressources landuløarGaemrik millions de USD millions 150 10% % des ressources de la de la %BNC des ressources 100 PaKryeFobnwgFnFansrubFnaKarCatiénkm<úCa emIlKMnUsRkwteqVg 5% échelle de gauche 50 0 0% 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 1 997 1 998 1 999 2 000 2 001 2 002 2 003 2 004 2 005 2 006 RkahVsßiti8 ³ sac;R)ak;erolkMBugcracr rd National Bank of Cambodia Review - 28 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 5 - R)ak;beBaØIGgÁPaBrdæCaRbPBFnFany:agsMxan; ³ eyagtamc,ab;sþIBIkarerobcMnigkarRbRBwtþeTAénFnaKarCatiénkm<úCa FnaKarkNaþl RKan;EtGac ebIkKNnICUndl; ³ sßab½nrdæ / RKwHsßanFnaKarnighirBaØvtßú EdlmankarGnuBaØatBIFnaKarkNaþl[eFVIGaCIvkmμ nigFnaKarkNþalbreTs RBmTaMgsßab½nhirBaØvtßúsaFarN³GnþrCati b:uEnþBMuRtUv)anGnuBaØat[ebIkKNnI [shRKasBaNiC¢kmμ b¤]sSahkmμ)aneT eTaHCarbs;rdæk¾eday . dUcCabN þaFnaKarkNþalPaKeRcIndéTeTotEdr c,ab;)anhamXat;FnaKarCatiénkm<úCaBMuRtUvpþl; \NTan b¤buerRbTandl;rdæeT elIkElgEtkñúgkrNIBiessEdl)ankMNt;enAkñúgc,ab; . bc©úb,nñ FnFanrbs;FnaKarCatiénkm<úCa Edl)anmkBIkarepJIR)ak;rbs;GgÁPaBrdæman18° énFnFansrub ehIymanninñakarkan;EtekIneLIgEfmeTot¬RkahVTI6¦ edayehtufa rdæaPi)al)anxitxMedIm,IRbmUlpþúM KNnIrbs;GgÁPaBrdæTaMgLaymksßitenAkñúgFnaKarCatiénkm<úCa . RbkarenH qøúHbBa©aMgnUvmrtkRbvtþisa®sþ mYycMENk nigkare)aHTItaMgtamPUmisa®sþrbs;RbB½n§FnaKar eRBaHfa kñúgcenøaHqñaM 1980 nig 1990 FnaKarCatiénkm<úCa CaFnaKarEtmYyKt;Edlpþl;esvakm μ FnaKarkNþalpg CaFnaKarBaNiC¢pg . dUecñH FnaKarCatiénkm<úCaRtUvEterobcMRbB½n§saxay:agFMbgÁÁÜr edIm,Ir:ab;rgkargarenH ehIyrhUtdl; bc©úb,nñ enAmansaxaenAtamextþ-RkugcMnYn21 . 6 - FnFanCaCMnYyrbs;mUlniFirUbiyvtßúGn þrCatimansarRbeyaCn_xøaMg ³ FnFanTTYlBImUlniFirUbiyvtßúGn þrCati¬IMF¦mansarRbeyaCn_ CaBiessenAkñúgdMNak;kaldMbUg énkarBRgwgFnaKarCatiénkm<úCa Edlkñúgry³eBl28qñaM énGtßiPaBeLIgvijrbs;xøÜn FnaKarCatiénkm<úCa RKan;Et)ankøayCaFnaKarkNþalBitR)akd Caskl Etkñúgry³eBlcab;BI10qñaM cugeRkayenHb:ueNÑaH . hirBaØb,TanBI IMF manninñakarfycuH ebIKitCaPaKry eRBaHEtFnFanBIRbPBepSgeTot mankarekIneLIg . kñúgry³eBl10qñaM FnFanBI IMF )anfycuHBI 20° mkRtwm 8° enAqñaM2005 ehIynwgmkRtwm 1/5° kñúgqñaM2006 ¬RkahVTI6¦. qñaMknøgeTA hirBaØb,TanBI IMF )anfycuHy:agxøaMg ¬KitCatémødac;xat¦ RbkarenHBuMEmneRBaHEt IMF bBaÄb;karKaMRTmkkm<úCaeT EtpÞúyeTAvij IMF )ane)aHbg;ecalbMNulcMnYn82landuløarGaemrik Edlbc©úb,nñtYelxenHRtUv)ancuHelxnacUlRTBüGkmμrbs; FnaKarCatiénkm<úCa ehIyGVIEdlenAsl;CamYy IMF KWxÞg;p þl;Ca SDR ¬cMnYn23landuløar¦ Edl FnaKarCatiénkm<úCaGacKNnaCamUlniFipÞal;)anpg. rd National Bank of Cambodia Review - 29 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 hirBaØb,TanBImUlniFirUbiyvtßúGnþrCatiFinancement du FMI 140,00 120,00 100,00 r IMF 80,00 mUlniFisuT§rbs; landuløa Financement net du FMI 60,00 Millions de dollars Millions 40,00 20,00 0,00 11997 997 1 1 998998 1999 1 999 22000 000 2200 001 1 2 200 002 2 2 2003 003 2 200 004 4 2 200 005 5 22006 006 RkahVsßiti9 ³FnFanTTYlBImUlniFirUbiyvtßúGnþrCati ¬IMF¦ elak-elakRsI RbiymitþTaMgT,ay ´)anelIkeLIgCUnBIlkçN³edayELkcm,g² énFnFanrbs;FnaKarCatiénkm<úCa EdlCacMNuc BiessénRbeTsmYykMBugsßitenAkñúgdMNak;kalsßabnaeLIgvij mankMeNInesdækic©x sUmEføgGMNrKuN . rd National Bank of Cambodia Review - 30 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Mai 9, 2007 Financial Resources of the National Bank of Cambodia The financial resources of NBC have much in common with other central banks. However, Cambodia has had a stormy history over the past three decades. As a consequence, the financial resources of NBC have been affected, in part due to the high dollarization of the country and of the pre-eminence of cash over other means of payment. Here are some specificities of the management of NBC: 1. The bank’s own funds were gathered recently; 2. Assets and liabilities grow very fast; 3. The Cambodian economy is highly dollarized; 4. Cambodia is a cash economy; 5. Government deposits are a significant resource; and 6. IMF resources have been very useful. 1. The bank’s own funds were gathered recently. NBC has collected the gold and funds that the previous NBC, destroyed in 1975, had in custody with foreign banks and central banks. NBC has also inherited deposits and funds from commercial banks abroad (all Government-owned). These funds and gold have composed the capital and reserves of the newly re-established NBC. After the initial reconstruction of NBC, several exceptional recoveries allowed us to consolidate our earnings, which were subsequently incorporated into the reserves. Lastly, one part of the earnings is incorporated annually into various legal reserves, including the major one, comprising of 20% of the net annual profit (one period). In Cambodia, the central bank is not authorized to retain its profits, apart from the legal reserves just mentioned. It is true that, more than elsewhere, the Royal Government must mobilize all energies and resources to develop the country, as fiscal income remains limited at only 11% of the GDP. I must clarify that, instead of many other central banks, NBC is not subject to taxation. But its net profit is fully distributed as a dividend to the Royal Government. 2. Assets and liabilities grow very fast NBC’s resources have multiplied by 4.3 over nine years, from $0.36 bn to $1.5 bn. rd National Bank of Cambodia Review - 31 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Pincipales Ressources The Major Resources 1 800,0 1 600,0 1 400,0 1 200,0 CurrencyCurrencyRiels outsidein encirculaion circul banskation 1 000,0 Local bankBanques locales GovernmentGouvernement FMI 800,0 IMF CapitalFon ds propres In millions USD In millions Millions de USD de Millions 600,0 400,0 200,0 0,0 11997 997 19981 998 1999 1 999 2000 2 000 22001 001 2002 2 002 2003 2 003 22004 004 22005 005 2006 2 006 Graph 1: Major resources of NBC In fact, the growth of NBC’s resources reflects the fast development of the Cambodian economy and financial sector. • In fact, GDP growth is very high at the moment. It has averaged 8.8% over the past ten years. It even accelerated in the past three years, with two-digit figures, which is exceptional, even in South East Asia, where the growth is the highest in the world. GDP GrowthCroissance du of PIB Cambodiacambodgien 16,0 14,0 12,0 10,0 8,0 Taux de croissance Growth du rate PIB of GDP Croissance en % en Croissance 6,0 Growth in % 4,0 2,0 0,0 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Graph 2 : GDP Growth rd National Bank of Cambodia Review - 32 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 • The growth of intermediation is even more spectacular. In 2006 only, deposits increased by 45% and loans by 42%. GrowthTaux de croissance rate of des Deposits dépôts et crédits and bancaires Credits 50,0% 45,0% 40,0% 35,0% 30,0% Dépôts 25,0% Deposits Crédits Credits 20,0% 15,0% 10,0% 5,0% 0,0% 2003 2004 2005 2006 Graph 3: CroissanceGrowth of Deposits des dépôts and et Creditscrédits ofbancaires Banks in au Cambodia Cambodge As a result of this fast growth of the banking activity, intermediation is increasing fast. Over four years, deposits went up from 13% to 20% of the GDP. This remains well below developed countries, where the intermediation ratio is four times higher. However, it is quite encouraging for Cambodia. Ratio Dépôts bancaires / PIB Ratio of Deposits to GDP 25% 20% 15% 10% 5% 0% 2002 2003 2004 2005 2006 Graph 4: Ratio of Deposits to GDP rd National Bank of Cambodia Review - 33 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Altogether, it is not surprising that the size of total assets and liabilities of NBC have increased rapidly, together with banking activities. 3. The Cambodian economy is highly dollarized. • 97% of bank deposits and loans are denominated in foreign currencies. In addition, most of the transactions are settled in dollars. Billion riels 1 USD ≈ 4000 riels Graph 5: Evolution of the money supply Dollarization of the Cambodian economy resulted from a series of shocks; the people reacted by using growly US dollars and, in lesser proportion, other currencies such as Thai baht and Vietnamese dong. Those currencies are commonly used in Cambodia for savings as well as in payment transactions. We lack data on the amount of foreign currencies circulating in cash. But we can assume that they represent some 90% of the banknotes in circulation. Altogether, riels (both banknotes and deposits in banks) total only some 8% of the total money supply. Money Supply (billions USD) 2006 Notes in circulation (riels) 0,39 Deposits (foreign currencies) 1,28 Deposits (foreign currencies) 0,04 M2 (published data) 1,71 Rough guess of notes in foreign currencies in circulation 3,55 M2 adjusted (rough guess) 5,26 Money Supply M2 rd National Bank of Cambodia Review - 34 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 • Because of the dollarization, notes in circulation only represent a relatively small part of NBC’s resources (25%). Principales ressources (pourcentage) The Major Resource (percentage) 100% 90% 80% 70% Currency in circulation 60% Ri Localels en circulation bank Ba Governmentnques locales 50% GouvernementIMF FM I Capital fonds propres 40% 30% 20% 10% 0% 11997 997 11998 998 11999 999 22000 000 22001 001 22002 002 22003 003 22004 004 22005 005 20062 006 Graph 6: Composition of NBC’s resources Naturally, NBC is concerned about dollarization since seignorage is subsequently reduced, whereas it is the Federal Reserve of America which benefits from this seignorage. As a rough guess the seignorage loss is estimated at some $100 m per annum, i.e. twice the US assistance to Cambodia. • On another hand, almost half of NBC’s resources are denominated in foreign currencies. Ressources en riels et en devises Resources in Riels and Foreign Currencies 100% 90% 80% 70% 60% Foreign currencies Ressources en devises Billets Currency en riels inen circulation 50% Autres Other ressources capital enin rielsRiels FondsOthers propres 40% % des ressources% la de BNC 30% Capital in percentage of NBC in percentage Capital 20% 10% 0% 19971 997 1998 1 998 1999 1 999 2000 2 000 22001 001 22002 002 22003 003 22004 004 22005 005 22006 006 Graph 7: Resources in riels and foreign currencies rd National Bank of Cambodia Review - 35 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 From the point of view of the central bank resources, the disadvantage of high dollarization is partly balanced by the fact that most transactions are settled in cash (including in riels). 4. Cambodia is a cash economy. Since the amount of foreign notes in circulation is not well known, the calculation of the money supply in Cambodia can only be assessed roughly. In fact, in the total money supply, banknotes are largely predominant, be they denominated in dollars, bahts, dongs or riels. Cambodia is certainly late from that point of view, compared with foreign countries. Unlike developed countries, it is a cash economy. Bills in circulation can be estimated at approximately 6 months of GDP (including only 10% of notes in riels). As a comparison, in the Euro Zone, bills in circulation total only one month of GDP. Données 2005 Cambodia Vietnam Thailand Singapore Euro Zone (en milliards de USD) GDP 6.2 52.8 176.6 116.8 9 942 M1 adjusted (Bills in circulation -riels and foreign currencies) 3.1 725 M1 / GDP 50% 7% Bills in months of GDP 6 1 M2 adjusted (foreign bills included) 4.0 40.9 160.1 132.1 7 556 M2 / GDP 65% 77% 91% 113% 76% M2 in months of GDP 8 9 11 14 9 Table 2: International comparison of money supply (2005) Payment means other than cash are still not widely used in Cambodia. For example, only 1089 checks in dollars and 89 checks in riels have been cleared per day in 2006, on average. From the point of view of the central bank resource management, we have an interest in having riels still circulating, even though riels are competing with foreign currencies. In fact, bills represent a significant proportion of NBC’s resources, having increased further since bills in circulation went up from 17% to 25% of our financial resources over five years. Billets en riels en circulation Bills in circulation (in riels) 400 30% échelleSee right de droite line 350 25% 300 20% 250 Bills in Reils (Millions) Billets en riels (en M USD) 200 15% In millions USD In millions Billets en Bills % des in ressources % of Capital ons de USD milli 150 10% % des% ressources de la BNC 100 Percentage to total capital of NBC of capital total to Percentage 5% échelleSee left de gaucheline 50 0 0% 19971 997 1998 1 998 1999 1 999 22000 000 22001 001 22002 002 22003 003 22004 004 22005 005 22006 006 Graph 8: Bills in circulation (in riels) rd National Bank of Cambodia Review - 36 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 5. Government deposits are a significant resource. According to the Central Bank Law, NBC may open accounts for: - The Government; - Licensed banking and financial institutions; and - Foreign central banks and international institutions. NBC is not allowed to open accounts for enterprises, even Government-owned. As in most modern central banks, we cannot extend loans and facilities to the Government, except in some limited cases. Our resources from Government deposits tend to increase. They total almost 18% of our resources (see graph 6). The Government is centralizing all its accounts on the central bank’s books. This is partly inherited from the past, and also a result of the wide network of NBC branches all over the country. In fact, between 1980 and 1990, the BNC was the unique bank in Cambodia and it delivered both commercial bank and central bank services. Still now, NBC remains quite implicated in economic activity, through a large network of branches, one per province. 6. IMF resources have been very useful. Resources from the IMF were especially useful over the first years of consolidation of NBC, which is formally 28 years old but which became a « normal » central bank only some ten years ago. The funding from the IMF tends to diminish in terms of percentage, since other resources have become available. Over ten years, IMF funding went down from 20% of our resources to 8% in 2005 and 1.5% in 2006 (see graph 6). In 2006, IMF funding diminished dramatically, not because the IMF stopped supporting us, but, on the contrary, because it wrote off a $82 m loan, which was so far registered as an NBC liability. What remains is an SDR allocation of $23 m which, in fact, could be taken into account in the calculation of NBC’s own funds. rd National Bank of Cambodia Review - 37 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Financement du FMI Financing from IMF 140,00 120,00 100,00 ars 80,00 Net IMF funding Financement net du FMI 60,00 Millions de doll Millions In millions USD In millions 40,00 20,00 0,00 1997 997 1 998998 11999 999 22000 000 2 200 001 1 2 200002 2 22003 003 2004 2 004 2005 2 005 2 2006 006 Graph 9: IMF funding * * * The specificities of NBC’s resources are those of a country still undergoing reconstruction, with fast economic growth, transactions which are mostly settled in cash and a largely dollarized economy. As a result, there is very little room for monetary policy in Cambodia. But this is quite a different story indeed... rd National Bank of Cambodia Review - 38 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 sunÞrkfa Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa Eføgkñúg»kasebIkvKÁsuRkwtkarelIkTI8 sMrab;m®nþIbuKÁlikFnaKarCatiénkm<úCa éf¶TI11 Exmifuna qñaM2007 enAFnaKarCatiénkm<úCa [[[\\\ sUmeKarB - elakCMTav eTsaPi)alrg - elak Robert Beerens CMnajkarGmnaykdæanKNenyü - elak elakRsI m®nþI]eTÞsnam nig - sikçakamTaMgGs; CaTIemRtI éf¶enH CaTivaRbkbedayesckþIesamnSrIkray edayFnaKarCatiénkm<úCa)anerobcMvKÁsuRkwtkar edIm,IbMBak;bMb:n bNþúHbNþal nigpþl;cMeNHdwgfμI²dl;m®nþI buKÁlikrbs;eyIgEdl)an nigkMBugbRmI kargarenATIenH . eqøót»kasenH ´sUmsVaKmn_cMeBaHvtþman elakCMTav eTsaPi)alrg Ék]tþm elakCMTav elak Robert Beerens nigelak-elakRsI Cam®nþI]eTÞsnam Edl)anGeBa¢IjcUlrYmCa kitþiyskñúgBiFIebIkvKÁsuRkwtkarnaéf¶enH . rd National Bank of Cambodia Review - 39 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 karerobcMebIkvKÁsuRkwtkaréf¶enH KWeFIVeLIgeRkambriyakasneya)ayl¥RbesIr bnÞab;BIRbCaCnkm<úCa enATUTaMgRbeTs)ane)aHeqñateRCIserIsRkumRbwkSaXuM-sgáat; EdlCatMNagrbs;xøÜnenAfñak;mUldæan . karN_enH bgðaj[eXIjfa mUldæanRKwHénlT§iRbCaFibetyüenAkm<úCakan;EtrwgmaMBImYyéf¶eTAmYyéf¶ . ktþasMxan;mYyeTot EdlminGackat;pþac;)ankñúgkarGPivDÆRbeTsCatimYy[rIkceRmInqab;rh½senaH KWktþaFnFanmnusS EdlRtUvykcitþTukdak;GPivDÆCaRbcaM . QrelIsμartIenH FnaKarCatiénkm<úCaEtgEtykcitþTukdak;BRgwg smtßPaBm®nþI-buKÁlikCab;CaRbcaM edIm,IbegáIncMeNHdwg cMeNHeFVI nigbTBiesaFn_énkarGnuvtþnana [RsbeTAtamkarvivtþrIkceRmInénsPaBkarN_esdækic©Cati nigBiPBelak . FnaKarCatiénkm<úCa )anEklm¥rcnasm<½n§CabnþbnÞab; edIm,IeqøIytbeTAnwgkarrIkceRmInénRbtibtþikarrbs;xøÜn . mü:ageTot eyIg)anerobcMc,ab;CaeRcIn mandUcCa c,ab;sþIBIRKwHsßanFnaKarnighirBaØvtßú c,ab;sþIBI]bkrN_GacCYjdUr)an nigRbtibtþikarTUTat;sgR)ak; c,ab;sþIBIkarRbqaMgkarsMGatR)ak;nighirBaØb,TanePrvkmμ nigc,ab;sþIBI PtisnüaRtUv)annigkMBugerobcM edIm,IeqøIytbeTAnwgskmμPaBFnaKarnighirBaØvtßúEdlmankarrIkceRmIn \tQb;Qr . bnÞab;BIeyIgmanc,ab;sþIBIRKwHsßanFnaKar nighirBaØvtßú RbB½n§FnaKarenAkm<úCaeFVIRbtibtþikar eRkamviFanc,ab; nigbTb,BaØtþirbs;FnaKarCatiénkm<úCa ehIyvis½yenHk¾mankarrIkceRmIn nigTTYl)an kareCOTukcitþCabnþbnÞab;BIsaFarNCnCatinigGnþrCati . cMeBaHvis½ymIRkUhirBaØvtßúvij eyIg)anxitxM bgálT§PaB[Rbtibtþikr\NTanCnbTmkcuHbBa¢I ehIyxitxMERbkøayxøÜnCaRKwHsßanmIRkUhirBaØvtßúEdlman GaCJab½NÑ eFVIRbtibtþikareRkamviFanc,ab;RtwmRtUv . CalT§pl kñúgry³eBlb:unμanqñaMcugeRkayenH vis½y mIRkUhirBaØvtßúmankarrIkceRmInKYr[kt;smÁal; Cak;EsþgenAqñaM2003 manRKwHsßanmIRkUhirBaØvtßúcMnYn5 b:ueNÑaH Edl)anTTYlGaCJab½NÑBIFnaKarCatiénkm<úCa ehIybc©úb,nñRKwHsßanmIRkUhirBaØvtßúEdlmanGaCJab½NÑ kMBugeFVIRbtibtþikarmancMnYn 16RKwHsßan Edlmansmtulü\NTansrubcMnYn 187>177 lanerol nigGtifiCncMnYn 345>159 nak; . cMnYnenH minrab;bBa©ÚlnUv\NTanrbs;RKwHsßanmIRkUhirBaØvtßúEdlcuH bBa¢IeT . eyagtamkarrIkceRmInénRbtibtþikarFnaKarkNþal FnaKarCatiénkm<úCa)annigkMBugerobcMbegáIt nUvRbB½n§ IT edIm,IeFVIsV½yRbvtþikmμnUvral;Rbtibtþikarrbs;naykdæane)aHpSaynigXøaMgebLa naykdæan Rbtibtþikar nignaykdæanKNenyüEdlCanaykdæansñÚl nigP¢ab;bNþajeTAnaykdæanepSgeTotEdl Bak;B½n§ . bc©úb,nñenH eyIgkMBugGPivDÆRbB½n§TUTat;mYyEdlkñúgenaHman kareFVITMenIbkmμsPapat;Tat; mUlb,Tanb½Rt karRKb;RKgRbtibtþikarTUTat;ray nigRbtibtþikarTUTat;nUvTwkR)ak;FM² edayRbB½n§eGLicRtUnik ¬RTGS¦ . rd National Bank of Cambodia Review - 40 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 elakCMTav Ék]tþm elak elakRsI nigsikçakamTaMgGs;CaTIesñha karebIkvKÁsuRkwtkaréf¶enH eKalbMNgsMxan;KWedIm,Ipþl;nUvB½t’manesdækic©Cati nigBiPBelak bTBiesaFn_ nigcMeNHdwgfμI²sRmab;CUndl;m®nþI-buKÁlikrbs;eyIg CaBiessKW m®nþI-buKÁlikEdleTIbEt)an RbLgCab;cUlbeRmIkargar nigm®nþI-buKÁlikRtUv)antemøIgzan³fμI²enH [yl;dwgGMBI ³ 1- sPaBkarN_esdækic©BiPBelak nigesdækic©km<úCakñúgqñaM2006 2- karbegáItvKÁsuRkwtkar 3- karGPivDÆFnFanmnusSrbs;FnaKarCatiénkm<úCa . 1- sPaBkarN_esdækic©BiPBelak nigesdækic©km<úCa kñúgqñaM2006 tamr)aykarN_rbs;GgÁkarmUlniFirUbiyvtßúGnþrCati ¬IMF¦ sßanPaBesdækic©BiPBelakenAqñaM2006 GacrkSaPaBrwgmaMrbs;xøÜn edayrkSakMeNInkñúgkRmitRbmaN 5/1° eTaHbICaéføeRbgmankMeNInx cMENkÉsßanPaBesdækic©km<úCaenAqñaM2006 vij mankMeNInkñúgkRmit 10/5° . CarYmenA qñaM2006 knøgeTAenH sßanPaBm:aRkUesdækic©mansißrPaBl¥ edaysm edayyl;eXIjBIPaBcaM)ac; nigesckþIRtUvkarrbs;m®nþI-buKÁlikFnaKarCatiénkm<úCa ´)anseRmc GnuBaØat[erobcMvKÁsuRkwtkarenHeLIgcMnYn 7 elIkmkehIy taMgBIqñaM1999 mk . vKÁsuRkwtkar elIkTI8enH mansikçakamTaMgGs;cMnYn 81 nak; ¬RsI 41nak; Rbus 40nak;¦kñúgenaHmkBIsaxaextþcMnYn 39 nak; . rd National Bank of Cambodia Review - 41 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 eKaledAcm,génkarerobcMvKÁsuRkwtkarenH KWedIm,IbMb:ncMeNHdwgbEnßmeTotTaMgEpñkRTwsþI TaMg karGnuvtþCak;Esþg dl;m®nþIEdlbeRmIkargarenAFnaKarCatiénkm<úCaTaMgenATIsñak;karkNþal nigenA saxaextþ-Rkug [)anyl;dwgGMBIebskkmμ nigtYnaTIrbs;FnaKarCatiénkm<úCa . vKÁsuRkwtkarenH nwgeFIV[Gs;elak elakRsI)ansþab;karBnül;bkRsayrbs;RKU]eTÞsnam rbs;eyIg EdlCam®nþIdwknaMFnaKarCatiénkm<úCa mkBInaykdæanCMnajnImYy² . tamry³bT]eTÞsnam rbs;m®nþIdwknaMenAéf¶bnþbnÞab;enH elak elakRsInwg)andwgfa dUcemþceTAEdlehAfa tYnaTIGaCJaFrrUbiyvtßú nigdUcemþceTAEdlehAfa tYnaTICaGaCJaFrGaNaBüa)alelIRbB½n§FnaKarkñúgkarrYmcMENkGPivDÆesdækic©Cati . Gs;elak elakRsI nwg)ansþab;bT]eTÞsnamsþIBI kardwknaMneya)ayrUbiyvtßú kardwknaMneya)aybþÚrR)ak; karRKb;RKgFnaKar karRKb;RKghaniP½y kic©shRbtibtþikarrvagFnaKarCatiénkm<úCaCamYynigGgÁkarGnþrCati FnaKarkNþalbreTs nigkarGnuvtþCak;Esþgrbs;naykdæannImYy² c,ab;sþIGMBIRKwHsßanFnaKar nighirBaØvtßú KMnitpþÜcepþImbegáItTIpSarTunenAkm<úCa nigbTb,BaØtþinanarbs;FnaKarCati TaMgenHsuT§EtemeronsMxan;² Edlm®nþI-buKÁlikFnaKarCatiénkm<úCaRtUvkþab;[)anCab;CaRbcaM . 3- karGPivDÆFnFanmnusSrbs;FnaKarCatiénkm<úCa FnFanmnusSKWCaktþasñÚlmYykñúgkarksagRbeTsCati . RbeTsCatimankarGPivDÆ nig rIkceRmIn k¾GaRs½yedayFnFanmnusSCasMxan; . dUecñH karksagsmtßPaB nigkarGPivDÆFnFanmnusS KWCaktþaGaTiPaBmYy EdlFnaKarCatiénkm<úCaEtgEtykcitþTukdak; edIm,IbnþBRgwgRbBn½§FnaKar [man PaBrwgmaMnigsuxPaBl¥ RsbtamsPaBkarN_vivtþn_énesdækic©BiPBelak . QrelIsμartIenH FnaKarCatiénkm<úCa caM)ac;RtUvEtBRgwgsmtßPaBm®nþI-buKÁlikrbs;xøÜn edIm,IbnþBRgwgRbB½n§FnaKar[mansuxPaBl¥ RbkbeTAeday cIrPaB [RsbtamtRmUvkarénsmahrNkmμvis½yFnaKar nighirBaØvtßúkñúgtMbn; nigGnþrCati . knøgmk FnaKarCati énkm<úCa)aneFVIkarbNþúHbNþalm®nþI-buKÁlikRKb;Can;fñak; eTAtamlMdab;;fñak;kargar TaMgkarbNþúHbNþal kñúgnigeRkARbeTs tamry³karerobcMrbs;sßab½nCati-GnþrCati nigFnaKarkNþalenAeRkARbeTs . TnÞwmenH tamry³TMnak;TMngeTVPaKICamYyFnaKarkNþalnana FnaKarCatiénkm<úCa)anbBa¢Únm®nþI-buKÁlikrbs;xøÜn eTAeFVITsSnkic©sikSaenAFnaKarkNþalénRbeTsTaMgenaHpgEdr . eRkABIkarbNþúHbNþalkRmitCMnaj bec©keTsehIy FnaKarCatiénkm<úCa)anykcitþTukdak; bNþúHbNþalEpñkKuNFm’dl;m®nþI-buKÁlikRKb;rUb nigCaBiess karbNþúHnUvvb,Fm’FnaKarkNþal . rd National Bank of Cambodia Review - 42 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 elakCMTav Ék]tþm elak elakRsI nigsikçakamTaMgGs; CaTIesñha CafImþgeTotenHμ KWCakarerobcMvKÁsuRkwtkarsRmab;m®nþI-buKÁlik EdleTIbEt)anRbLgCab;cUlbeRmI kargarnigm®nþI-buKÁlikEdleTIbRtUv)antemøIgzan³tYnaTI edIm,ITTYl)ancMeNHdwg nigbTBiesaFn_fμI² bnÞab;BIeyIg mancMeNHdwgBIsalaehIy sRmab;TukCaTunedIm,IbeRmIkargar[manRbsiT§PaBx TnÞwmnwgenH k¾RtUvxitxMsikSaRsavRCavedayxøÜnÉgbEnßmeTot TaMgEpñkCMnaj nigTaMgEpñkPasa edIm,IbMeBjcMNucxVHxatEdlman [smtßPaBrbs;eyIgkan;EtRbesIreLIgEfmeTot . CaTIbBa©b; ´sUmCUnBr elakCMTav Ék]tþm elak elakRsI nigm®nþIsikçakamEdlmanvtþman enATIenH sUmmanR)aCJavagév suxPaBbribUrN_ nigkmøaMgmaMmYn edIm,IrYmcMENkBRgwgkargarFnaKarCati énkm<úCa ehIyk¾sUm[vKÁsuRkwtkarrbs;eyIgelIkenHmandMeNIrkarRbkbeTAedayeCaKC½y . ´sUmRbkasCapøÚvkarebIkvKÁsuRkwtkarcab;BIeBlenHteTA . sUmGrKuN ¡ rd National Bank of Cambodia Review - 43 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Speech H.E. Dr Chea Chanto Governor of the National Bank of Cambodia On the occasion of opening the 8th perfection course For staff of the National Bank of Cambodia Phnom Penh, 11 June 2007 H.E. Deputy Governor, Mr. Robert Beerens, advisor at the Accounting Department, Resource Persons, and Trainees, The National Bank of Cambodia is given a good opportunity today to organize a perfection course to train and share new knowledge and experiences with our staff. I would like to welcome the presence of Excellencies Deputy Governor, Mr. Robert Beerens, and resource persons who are kindly attending this opening ceremony for our perfection course. [[[[ The perfection course is organized today under the good political environment obtained after the Cambodian people in the entire country joined in the election for the commune councils who are their own representants at local level. The event reflected that the foundation of democracy in Cambodia has been improving from day to day. Human resource development is the main factor in rapid country development and should be permanently emphasized. In this spirit, the National Bank of Cambodia has always sought to strengthen capacity building through knowledge, experience commensurate with current national and global economic developments. The National Bank of Cambodia has continuously reformed its structure in order to respond to the development of its operations. Furthermore, we have in place many laws, such as the Law rd National Bank of Cambodia Review - 44 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 on Banking and Financial Institutions, the Law on Negotiable Instruments and Secured Transaction, the Law on the Prevention of Money Laundering and Financing Terrorism, The Leasing Law is currently being drafted to respond to the growing banking and financial activities. Since the Law on Banking and Financial Institutions had been adopted, the Cambodian banking system has been able to perform under the provision of rules and regulations overseen by the National Bank of Cambodia, and the sector has been able to develop substantially, as witnessed by increasing public confidence from both the national and international spheres. For the microfinance sector, we are trying to register rural credit operators and help them transform themselves into licensed microfinance institutions. As a result, during the last couple years, the microfinance sector has achieved its prosperity. In 2003, there were only five microfinance institutions who received licenses from the National Bank of Cambodia, whereas currently there are 16 licensed microfinance institutions providing credit with a total amount of 187.177 millions riel to 345.159 clients. This number doesn’t include the loans outstanding of the registered microfinance institutions. According to the increased operations of the central bank, the National Bank of Cambodia has been creating an information technology system to automate operations among its core departments, such as The Issue & Cash Management, The Banking Operations department and The Accounting department, and to establish a network to other related departments. We are also developing a payment system in which there will be automation of the check-clearinghouse with management of retail operation and Real Time Gross Settlement. Excellencies, Ladies and Gentlemen, The main objectives of today’s ceremony is to provide general information on the national and the global and new economy, experiences and new knowledge to our staff, in particular to the newly recruited staff members and to the staff members who have been freshly promoted, to let them learn about: 1- The Cambodian and global economic situation in 2006; 2- The establishment of this perfection course; and 3- The Policy on human resource development ot the National Bank of Cambodia. The Cambodian and Global Economic Situation in 2006 According to the IMF’s report, the 2006 global economy remained strong with a growth rate of 5.1% despite the negative external impacts of higher oil prices, regional instability and natural disasters. The US economy and European economy grew by 3.3% and 2.6%, respectively. In 2006, while Japanese growth rate was 2.7%, China and India showed an average growth enjoyed growth rates of 8-10%, and Asean countries of 5.4%. As for the Cambodian economy during 2006, GDP grew by as much as 10.5%. In general during 2006, Cambodia enjoyed good performance on macroeconomic stability; inflationary pressure declined averagely from 6.7% in 2005 to 2.8% in December 2006, while the exchange rate between KHR and USD stabilized. International reserves continued to increase. During 2006, credit to private sector grew by as much as 51.6%, and bank deposits grew by 40%. These changes demonstrate that confidence in the banking system has been strengthened and banking operations have expanded. rd National Bank of Cambodia Review - 45 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 The Establishment of the Perfection Course To respond to the permanent needs and the requirements of our staff, the perfection course had been conducted seven times since 1999. This 8th perfection course will be attended by 81 trainees (41 females and 40 males), of whom 38 are from our provincial branches. The main objective of this perfection course is to provide more knowledge on both theories and practices to the staff working within the National Bank of Cambodia at both headquarters and provincial branches in order to guide them to properly conduct the mission and the role of the central bank. This opportunity will allow our trainees to listen to the presentations of our resource persons who are actually responsible for the management of every technical department of the National Bank of Cambodia. Through the presentation of these experienced officials in the following days, participants will learn the role of the supervisory authority on the banking system and the role of the monetary authority in contributing to the development of the national economy. All of you will listen to the presentations on monetary policy implementation, exchange rate policy, banking management, risk management, cooperation with international organizations, foreign central banks, the practical activities of each department, explanations on different laws and regulations related to the central bank’s activities, initiatives on the bond market’s establishment in Cambodia, and so forth. These are important areas of lessons that staff of the National Bank of Cambodia shall bear as ethics. Human Resource Development Human resource development is a core factor for national development. Therefore, capacity building and human resource development always remain as our priorities in establishing a sound banking system to cope with global economic developments. In this spirit, the National Bank of Cambodia needs to enhance the capacity of its staff to be able to strengthen a sound and sustainable banking system to meet the requirements of integration into the regional and international banking system. So far, every ranking staff member has been trained in Cambodia and also abroad. Meanwhile, thanks to bilateral relations, a number of staff performed onsite study visits with other central banks. These assorted, the National Bank of Cambodia also gave attention to morality training for all staff, especially during the training on central bank culture. Excellencies, Ladies and Gentlemen Once again, I would say this perfection course is organized to meet the need of staff who have just been recruited and newly for promoted staff to learn knowledge and experiences to augment what they have learned from school. It is vital for them to work efficiently. By the way, I would like to emphasize the difference between knowledge and thinking because there is confusion in using these words. For example: when we say “one can learn much, he acquires a lot of thinking” it is not right; it is better to say, “he gains a high degree of education”. Thinking is consideration, and thinking can be right or wrong. Knowledge is something learned and is derived from four actions: listening (try to understand), editing (finding the rational), questioning (ask why) and noting (writing to remember for the future). Anyone who steadily follows these four principles will be richly educated, be able to manage has living and resolve any problem successfully. Therefore, I urge everyone to carefully absorb the explanations on practice and theory from our experienced lecturers who will be guiding you all to better implement your present and future responsibilities. rd National Bank of Cambodia Review - 46 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Meanwhile, I recommend all of you to try your best to further study and research both technical aspects and language to complete the existing gap and improve your capacity. Finally, I wish Excellencies, ladies and gentlemen, and trainees gathering here today to acquire intelligence, and good health in order to contribute to the success of the National Bank of Cambodia. I also wish the perfection course a smooth and successful process. rd National Bank of Cambodia Review - 47 - No 21, 3 Quarter 2007 taragGRtabþÚrR)ak;RbcaMEx kñúgRtImasTI2 qñaM2007 Monthly Exchange Rate in 2nd Quarter 2007 (cugEx End of period)(cugEx End of period) KmøatGRtamFüm RbcaMEx ¬GRtapøÚvkar-GRtaTIpSar¦ GRtamFüm (Monthly change) GRtamFüm (Monthly change) Monthly GRtaTij GRtalk; bMErbMrYlkñúgEx GRtaTij GRtalk; bMErbMrYlkñúgEx Average Average Spread of average rate Purchase rate Sale rate Purchase rate Sale rate rate +/- % rate +/- % (Official rate-Market rate) 2004 Dec-FñÚ 4035 4041 4038 -6 -0.14% 4027 4035 4031 -10 -0.25% -7 -0.17% 2005 Dec-FñÚ 4133 4140 4137 -38 -0.91% 4102 4110 4106 -35 -0.86% -31 -0.74% 2006 Apr-emsa 4105 4115 4110 -8 -0.18% 4092 4100 4096 3 0.07% -14 -0.34% May-]sPa 4113 4121 4117 -7 -0.17% 4102 4110 4106 -10 -0.24% -11 -0.27% Jun-mifuna 4118 4126 4122 -5 -0.12% 4110 4118 4114 -8 -0.19% -8 -0.19% Jul-kkáda 4133 4141 4137 -15 -0.36% 4114 4122 4118 -4 -0.10% -19 -0.46% Aug-sIha 4170 4180 4175 -38 -0.92% 4144 4152 4148 -30 -0.73% -27 -0.65% Sep-kBaØa 4188 4195 4192 -17 -0.40% 4154 4162 4158 -10 -0.24% -34 -0.81% Oct-tula 4153 4165 4159 33 0.78% 4150 4158 4154 4 0.10% -5 -0.12% Nov-vicäika 4103 4113 4108 51 1.23% 4099 4107 4103 51 1.23% -5 -0.12% Dec-FñÚ 4058 4072 4065 43 1.05% 4057 4065 4061 42 1.02% -4 -0.10% 2007 Jan-mkra 4065 4075 4070 -5 -0.12% 4064 4072 4068 -7 -0.17% -2 -0.05% Feb-kumÖ³ 4059 4068 4064 7 0.16% 4057 4065 4061 7 0.17% -3 -0.06% Mar-mIna 4057 4065 4061 3 0.06% 4055 4063 4059 2 0.05% -2 -0.05% Apr-emsa 4069 4077 4073 -12 -0.30% 4062 4070 4066 -7 -0.17% -7 -0.17% May-]sPa 4091 4099 4095 -22 -0.54% 4077 4085 4081 -15 -0.37% -14 -0.34% Jun-mifuna 4096 4107 4102 -7 -0.16% 4082 4090 4086 -5 -0.12% -16 -0.38% taragsþIBIGRtakarR)ak;elIkar[x©Icgkar RIEL AND FOREIGN CURRENCY INTEREST RATE ON LOANS Exmifuna qñaM2007 (June, 2007) GRtakarR)ak;RbcaMqñaM (Rate per Annum ) l>r eQμaHFnaKar [x©IcgkarCaerol (Loan in Riel) [x©IcgkarCaduløarGaemrik (Loan inUSD) [x©IcgkarCarUbiyb½NÑepSg² (Loan in Other Foreign Currency) éf¶ 1 Ex 3 Ex 6 Ex 12 Ex éf¶ 1 Ex 3 Ex 6 Ex 12 Ex éf¶ 1 Ex 3 Ex 6 Ex 12 Ex No. NAME OF BANKS Daily 1 month 3 months 6 months 12 months Daily 1 month 3 months 6 months 12 months Daily 1 month 3 months 6 months 12 months 1 FnaKarBaNiC¢kmμeRkARbeTsénkm<úCa 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% Foreign Trade Bank of Cambodia 2 FnaKaremyEb‘g saxaPñMeBj 15.00% MayBank P.P Branch 3 FnaKarvDÆn³GasIu cMkat; 14.00% 15.00% 16.00% 18.00% Advanced Bank of Asia LTD 4 FnaKarBaNiC¢kmμTImYy saxaPñMeBj 13.00% 13.00% 13.00% 13.00% First Commercial Bank PP.Branch FnaKarkm<úCaBaNiC¢ cMkat; 5 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% Cambodian Commercial Bank Ltd. FnaKaremKgÁ kmú 7 FnaKarkaNaDIy:a k>G 24.00% 24.00% 24.00% 24.00% 18.00% 18.00% 18.00% 18.00% Canadia Bank Plc. saCIvkmμFnaKarsigðbUrI cMkat; 8 20.40% 20.40% 20.40% Singapore Banking Corporation Ltd. FnaKarkm<úCasaFarN³ cMkat; 9 18.00% 18.00% 18.00% 18.00% Cambodian Public Bank Ltd. 10 FnaKarRkugéf cMkat ; ¬mhaCn¦ 13.00% 10.00% Krung Thai Bank Public Co.,Ltd 11 FnaKarshBaNiC¢ k>G 13.00% 13.00% 13.00% Union Commercial Bank Plc. FnaKarkm<úCaGas Iu cMkat; 12 18.00% Cambodia Asia Bank Ltd. 13 FnaKarvDÆn³ 11.00% 11.80% 12.68% 12.60% Vattanac Bank 14 FnaKarGPivDÆn_CnbT 15.00% 12.00% Rural Development Bank 15 FnaKareGsIulIda PIGilsIu 24.00% 18.00% 24.00% ACLEDA bank PLC 16 eb:gehgeGsGwmGuI FnaKar cMkat; 24.00% 24.00% 24.00% 24.00% Peng Heng S.M.E Bank Ltd 17 FnaKar É>k>]>km<úCa 21.60% 18.00% 18.00% 18.00% CAISB. Bank 18 FnaKar eG Gin hSit r:Uy:al ; km<úCa 9.46% ANZ Royal Bank Cambodia Ltd. 19 FnaKar ÉkeTsvinieyaKTImYy 18.00% 18.00% 18.00% First Investment Specialized Bank. 20 FnaKar ÉkeTsGankU 18.31% ANCO Specialize Bank mFümPaK (AVERAGE) 22.98% 22.97% 22.98% 23.17% 17.24% 16.97% 17.04% 16.55% 18.00% 18.00% 18.00% 22.10% taragGRtakarR)ak;elIR)ak;beBaØI ¬erol nigrUbiyb½NÑbreTs¦ RIEL AND FOREIGN CURRENCY INTEREST RATE ON DEPOSITS Exmifuna qñaM2007 (June, 2007) GRtakarR)ak;RbcaMqñaM (Rate per Annum) R)ak;beBaIØCaerol (Deposit in Riel) R)ak;beBaØICaduløarGaemrik (Deposit in USD) R)ak;beBaIØCarUbiyb½NÑepSg² (Other Foreign Currency) l>r eQμaHFnaKar sMéc mankalkMNt; (Fixed) sMéc mankalkMNt; (Fixed) sMéc mankalkMNt; (Fixed) No. NAME OF BANKS Saving 1Ex 3Ex 6Ex 12Ex Saving 1Ex 3Ex 6Ex 12Ex Saving 1Ex 3Ex 6Ex 12Ex 1 month 3 months 6 months 12 months 1 month 3 months 6 months 12 months 1 month 3 months 6 months 12 months 1 FnaKarBaNiC¢kmμeRkARbeTsénkm<úCa 1.50% 4.50% 5.50% 6.50% 0.75% 1.00% 3.00% 4.00% 5.00% Foreign Trade Bank of Cambodia 2 FnaKaremyEb‘g saxaPñMeBj 0.75% 1.75% 2.00% 2.50% 3.25% MayBank P.P Branch 3 FnaKarvDÆn³GasIu cMkat; 8.20% 8.25% 1.00% 2.50% 3.00% 4.00% 5.50% Advanced Bank of Asia LTD 4 FnaKarBaNiC¢kmμTImYy saxaPñMeBj 0.40% 1.25% 1.35% 1.45% 1.55% First Commercial Bank PP.Branch FnaKarkm<úCaBaNiC¢ cMkat; 5 1.25% 1.50% 0.50% 3.00% 3.25% 3.25% 0.50% 1.00% Cambodian Commercial Bank .Ltd FnaKaremKgÁ kmú 7 FnaKarkaNaDIy:a k>G 2.00% 4.00% 5.00% 6.00% 0.75% 3.00% 4.00% 4.50% 6.00% Canadia Bank Plc. saCIvkmμFnaKarsigðbUrI cMkat; 8 0.50% 3.50% 4.00% 5.00% Singapore Banking Corporation Ltd. FnaKarkm<úCasaFarN³ cMkat; 9 1.00% 1.00% 3.25% 3.62% 4.00% 4.50% Cambodian Public Bank Ltd. FnaKarRkugéf cMkat; ¬mhaCn¦ 10 1.00% 1.50% 2.00% 2.00% 1.00% 1.00% 1.00% Krung Thai Bank Public Co.,Ltd. 11 FnaKarshBaNiC¢ k>G 1.00% 4.00% 5.00% 6.00% Union Commercial Bank Plc. 12 FnaKarkm<úCaGasIu cMkat; 2.50% 3.00% 4.00% 5.00% 6.00% Cambodia Asia Bank Ltd. 13 FnaKarvDÆn³ 1.00% 3.50% 4.00% 4.50% 6.00% Vattanac Bank 14 FnaKarGPivDÆn_CnbT 1.50% 3.50% 4.00% 5.00% 6.00% 1.00% 3.00% 3.50% 4.00% 5.00% Rural Development Bank 15 FnaKareGsIulIda PIGilsIu 4.00% 5.00% 6.00% 7.00% 8.00% 2.00% 3.00% 4.00% 5.00% 6.00% 4.00% 5.00% 6.00% 7.00% 8.00% ACLEDA bank Plc. 16 eb:gehgeGsGwmG uI FnaKar cMkat; Peng Heng S.M.E Bank Ltd 17 FnaKar É>k>]>km<úCa 4.00% 6.00% 7.00% 8.00% 2.00% 3.00% 3.50% 4.00% CAISB.FnaKar BankeG Gn hSt rUyal km<úCa 18 ANZ Royal Bank Cambodia Ltd. 0.50% 3.50% 4.00% 5.00% 6.00% 0.50% 3.90% 4.00% 4.00% 3.95% 3.37% 3.42% 3.57% 3.70% 19 FnaKar ÉkeTsvinieyaKTImYy First Investment Specialized Bank 20 FnaKar ÉkeTsGankU ANCO Specialized Bank mFümPaK (AVERAGE) 1.87% 4.28% 4.48% 5.45% 6.45% 1.00% 2.80% 3.54% 4.08% 4.88% 3.03% 4.03% 4.17% 4.74% 5.19% RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 bBa¢IeQμaHRKwHsßanFnaKarnighirBaØvtßú mifuna-2007 elx eQμaHFnaKar TUrsBÞ½TMnak;TMng Tel. : (855-23) 214 111, 222 880 1 FnaKar km<úCasaFarN³ cMkat; Fax : (855-23) 222 887 GaKarelx23 vifIRkmYns sgáat;pSarfμμI 2 xNÐdUneBj raCFanIPñMeBj E-mail:[email protected] 01- FnaKar km<úCasaFarN³ cMkat; saxaextþesomrab pÞHelx618 vifIsemþcsgÇraCeTBvgS XMusVaydgÁM Rsuk extþesomrab 02- FnaKar km<úCasaFarN³ cMkat; saxaRkugRBHsIhnu pøÚvelx108 sgáat;elx2 xNÐmitþPaB RkugRBHsIhnu 03- FnaKar km<úCasaFarN³ cMkat; saxaextþ)at;dMbg pÞHelx102 RkumTI38 PUmi20]sPa XMusVaye)a: Rsuk)at;dMbg extþ)at;dMbg 04- FnaKar km<úCasaFarN³ cMkat; saxaGULaMBik GaKarelx267 mhavifIRBHsIhnu sgáat;valvg; xNÐ7mkra raCFanIPñMeBj 05- FnaKar km<úCasaFarN³ cMkat; saxakMBg;cam pÞHelx5-7 pøÚvRBHGgÁDYg sgáat;kMBg;cam RsukkMBg;cam extþkMBg;cam 06- FnaKar km<úCasaFarN³ cMkat; saxataexμA pøÚvelx203 EkgpøÚvelx106 XMutaexμA RsuktaexμA extþkNþal FnaKar emyEb‘g saxaPñMeBj Tel. : (855-23) 210 255,210 123 2 Fax : (855-23) 210 099 GKarelx4 B vifIRkmYns sgáat;pSarfμμI1 xNÐdUneBj raCFanIPñMeBj Tel. : (855-23) 210 027,210 028 3 FnaKar BaNiC¢TImYy saxaPñMeBj Fax : (855-23) 210 029 GKarelx263 vifIRBHGgÁDYg sgáat;vtþPñM xNÐdUneBj raCFanIPñMeBj E-mail:[email protected] Tel :(855-23) 366 005, 882 959 4 FnaKar Rkugéf cMkat; mhaCn saxaPñMeBj Fax:(855-23) 428 737 GKarelx149 pøÚvelx215 sgáat;pSaredb:U1 xNÐTYleKak raCFanIPñMeBj E-mail:[email protected] 01- FnaKar Rkugéf cMkat; mhaCn saxargextþesomrab GKarelx10-11 vifIsIuvtßa mNÐl2 XMusVaydgÁM Rsukesomrab extþesomrab Tel. : (855-23) 215 284, 215286 5 FnaKar kaNaDIy:a k>G Fax : (855-23) 427 064 GKarelx265-267-269 vifIRBHGgÁDYg¬pøÚv110¦ sgáat;vtþPñM xNÐdUneBj raCFanIPñMeBj E-mail:[email protected] 01- FnaKar kaNaDIy:a k>G saxaGULaMBik GKarelx394Eo vifIRBHsIhnu sgáat; GULaMBik xNÐcMkarmn raCFanIPñMeBj 02- FnaKar kaNaDIy:a k>G saxaRkugRBHsIhnu GKarelx197 vifIÉkraCü sgáat;2 xNÐmitþPaB RkugRBHsIhnu 03- FnaKar kaNaDIy:a k>G saxaextþkMBg;cam vifIRBHmunIvgS PUmiTI7 XMukMBg;cam RsukkMBg;cam extþkMBg;cam 04- FnaKar kaNaDIy:a k>G saxa)at;dMbg GKarelx11-13 PUmiERBkmhaeTB XMusVaye)a: Rsuk)at;dMbg extþ)at;dMbg rd National Bank of Cambodia Review -51- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 05- FnaKar kaNaDIy:a k>G saxaRkugéb:lin PUmibDinenov sgáat;éb:lin xNÐéb:lin Rkugéb:lin 06- FnaKar kaNaDIy:a k>G saxahSaldWehÁal GKarelx126 mhavifI hSaldWehÁal sgáat;GUrb¤sSI4 xNÐ7mkra raCFanIPñMeBj 07- FnaKar kaNaDIy:a k>G saxaextþesomrab pøÚvsIuvutßa mNÐl1 XMu sVaydgÁM Rsukesomrab extþesomrab 08- FnaKar kaNaDIy:a k>G saxae):ayEb:t beNþaypøÚvCatielx5 PUmik,al s 02- FnaKar eGsIulIda PIGilsIu saxaextþesomrab pÞHelx1/2 nig3 PUmimNÐl2 XMusVaydgÁM Rsukesomrab extþesomrab 03- FnaKar eGsIulIda PIGilsIu saxaextþkMBg;cam pÞHelx31 nig 33 vifIexmrPUminÞ PUmiTI14 XMukMBg;cam RsukkMBg;cam extþkMBg;cam 04- FnaKar eGsIulIda PIGilsIu saxaextþbnÞaymanC½y pÞHelx268D/269D/270D nig 271D Rkum13 PUmi3 XMuRBHBnøa RsuksirIesaP½N extþbnÞaymanC½y 05- FnaKar eGsIulIda PIGilsIu saxaextþ)at;dMbg pÞHelx899 RkumTI5 PUmirMeck4 XMurtn³ Rsuk)at;dMbg extþ)at;dMbg 06- FnaKar eGsIulIda PIGilsIu saxaextþkMBt-RkugEkb pÞHelx27 pøÚvelx724 RkumTI1 PUmi1]sPa XMukMBg;kNþal RsukkMBg;)ay extþkMBt 07- FnaKar eGsIulIda PIGilsIu saxaextþtaEkv pøÚvelx10 RkumTI4 PUmi2 XMurkakñúg RsukdUnEkv extþtaEkv 08- FnaKar eGsIulIda PIGilsIu saxaRkugRBHsIhnu pÞHelx118 RkumTI16 PUmi2 sgáat;4 xNÐmitþPaB RkugRBHsIhnu 09- FnaKar eGsIulIda PIGilsIu saxaextþeBaF×sat pÞHelx239 pøÚvCatielx5 PUmiBalEjk1 XMupÞHéRB RsuksMeBAmas extþeBaF×sat; 10- FnaKar eGsIulIda PIGilsIu saxaextþkMBg;FM pÞHelx36 pøÚvCatielx6 RkumTI3 PUmisÞwgEsn XMukMBg;Rke)A RsuksÞwgEsn extþkMBg;FM rd National Bank of Cambodia Review -52- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 11- FnaKar eGsIulIda PIGilsIu saxaextþkMBg;s 18- FnaKar eGsIulIda PIGilsIu saxaTI2 b£sSIEkv GKarelxA06-A07-A08-A09 RkumTI8 PUmi3 sgáat;eRCaycgVa xNÐb£sSIEkv raCFanIPñMeBj 19- FnaKar eGsIulIda PIGilsIu saxaextþrtnKirII PUmiTI1 XMuLa)anesok Rsuk)anlug extþrtnKirI 20- FnaKar eGsIulIda PIGilsIu saxaextþkNþal PUmiRkeBIha XMuERBkb£sSI RsuktaexμA extþkNþal 21- FnaKar eGsIulIda PIGilsIu saxaextþ]tþrmanC½y pÞHelx127 RkumTI4 PUmisMerag XMusMerag RsuksMerag extþ]tþrmanC½y 22- FnaKar eGsIulIda PIGilsIu saxaextþRkecH pøÚvelx12 RkumTI06 PUmiRkecH XMuRkecH RsukRkecH extþRkecH 23- FnaKar eGsIulIda PIGilsIu saxaRkugéb:lin pÞHelxC2/231 PUmi):ahIuut,Úg sgáat;éb:lin xNÐéb:lin Rkugéb:lin 24- FnaKar eGsIulIda PIGilsIu saxaextþekaHkug pÞHelx222 RkumTI8 PUmi2 XMusμac;manC½y Rsuksμac;manC½y extþekaHkug 25- FnaKar eGsIulIda PIGilsIu saxaextþRBHvihar PUmiL\dæ XMukMBg;RbNak RsukEt,gmanC½y extþRBHvihar 26- FnaKar eGsIulIda PIGilsIu saxaextþmNÐlKirI PUmiGUrs rd National Bank of Cambodia Review -53- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 27- FnaKar eGsIulIda PIGilsIu saxaextþsÞwgERtg PUmikNþal XMuswÞgERtg RsuksÞwgERtg extþsÞwgERtg 28- FnaKar eGsIulIda PIGilsIu saxamanC½y pÞHelx32 pøÚvCatielx1 RkumTI3 PUmiedImGMBil sgáat;c,arGMeBA1 xNÐmanC½y raCFanIPñMeBj 29- FnaKar eGsIulIda PIGilsIu saxabwgRtEbk GKarelx28 mhavifI em:AesTug sgáat;bwgRtEbk xNÐcMkarmn raCFanIPñMeBj 30- FnaKar eGsIulIda PIGilsIu saxasÞwgmanC½y pÞHelx235 pøÚvmunIer:t ¬217¦RkumTI51 PUmi17 sgáat;bwgsaLag xNÐTYleKak raCFanIPñMeBj Tel.: (855-23)426 145, 426 638 7 FnaKar km<úCaBaNiC¢ cMkat; Fax: (855-23)426 116 GKarelx26 mhavifIRBHmunIvgS sgáat;pSarfμI2 xNÐdUneBj raCFanIPñMeBj E-mail:[email protected] 01- FnaKar km<úCaBaNiC¢ cMkat; saxaextþ)at;dMbg Tel: (855 53) 370 130, 952 266 pÞHelx116-117 PUmi 20]sPa XMusVaye):a Rsuk)at;dMbg extþ)at;dMbg 02- FnaKar km<úCaBaNiC¢ cMkat; saxaesomrab Tel: (855 63) 964 392 mNÐl1 sgáat;elx2 TIrYmextþ esomrab extþesomrab 03- FnaKar km<úCaBaNiC¢ cMkat; saxaRkugRBHsIhnu Tel : (855 34) 934 777 pÞHelx242 pøÚvÉkraCü sgáat;2 xNÐmitþPaB RkugRBHsIhnu Tel:(855-23) 218 682, 427 995 8 FnaKar shBaNiC¢ k>G Fax:(855-23) 427 997 GKarelx61 pøÚv130 sgáat;pSarcas; xNÐdUneBj raCFanIPñMeBj E-mail: [email protected] 01- FnaKar shBaNiC¢ k>G saxaRkugRBHsIhnu GKarelx195 vifIÉkraCü sgáat;elx2 xNÐmitþPaB RkugRBHsIhnu 02- FnaKar shBaNiC¢ k>G saxaextþesomrab mNÐl1 XMusVaydgÁM Rsukesomrab extþesomrab 03- FnaKar shBaNiC¢ k>G saxaextþ)at;dMbg GKarelx100GWsUnü RkumTI9 PUmiERBkmhaeTB XMusVaye)a: RsuksVaye)a: extþ)at;dMbg Tel: (855-23)212 727 9 FnaKar vDÆn³ Fax: (855-23)216 687 GKarelx89 mhavifI RBHneratþm sgáat;bwgraMg xNÐdUneBj raCFanIPñMeBj E-mail: [email protected] 01- FnaKar vDÆn³ saxaextþesomrab vifIsIuvtßa XMusVaydgÁM Rsukesomrab extþesomrab Tel: (855-23)220 000, 722 105 10 FnaKar km<úCaGasIu cMkat; Fax: (855-23)426 628 GKarelx439GW0 mhavifIRBHmunIvgS sgáat;bwgRBlit xNÐ7mkra raCFanIPñMeBj E-mail: [email protected] Tel: (855-23)724 466, 723 854 11 FnaKar BaNiC¢kmμeRkARbeTs én km<úCa 722 466, 725 266 Fax: (855-23)426 108, 426 410 GKarelx3 pøÚvelx114 EkgpøÚvelx53 sgáat;pSarfμI1 xNÐdUneBj raCFanIPñMeBj E-mail: [email protected] Tel: (855-23)211 211 12 saCIvkmμFnaKarswgðbUrI cMkat; Fax: (855-23)212 121 website: www.sbc-bank.com GKarelx68 vifIsemþc):an; ¬pøÚv214¦ sgáat;bwgraMg xNÐdUneBj raCFanIPñMeBj E-mail : [email protected] rd National Bank of Cambodia Review -54- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 01- saCIvkmμFnaKarswgðbUrI cMkat;; saxaenruh_ pÞHelx168ehSGW0 mhavifI hS>enruh_ ¬elx215¦ sgáat;valvg; xNÐ7mkra raCFanIPñMeBj Tel: (855-23)217 112 13 FnaKar emKgÁkm<úCa mhaCn TTYlxusRtUvmankMrit Fax: (855-23)217 122 GKarelx06 mhavifI RBHmunIvgS sgáat;RsHck xNÐdUneBj raCFanIPñMeBj E-mail: [email protected] 01- FnaKar emKgÁkm<úCa saxaerhSinsIu s_EKVr GKarerhSinsIu s_EKVr elx298 mhavifIem:AesTug nig elx168 mhavifImunIer:t sgáat;TMnb;Twk xNÐcMkarmn raCFanIPñMeBj 02- FnaKar emKgÁkm<úCa saxaesomrab GKarvifIsIuvutßa XMusVaydgÁM Rsukesomrab extþesomrab 03- FnaKar emKgÁkm<úCa saxaRkugRBHsIhnu Rkum7 mNÐl2 sgáat;2 xNÐmitþPaB RkugRBHsIhnu 04- FnaKar emKgÁkm<úCa saxadUneBj GaKarelx 01 rukçvifIRkmYns sgáat;pSarfμI1 xNÐdUneBj raCFanIPñMeBj 05- FnaKar emKgÁkm<úCa saxapSarkNþal GaKarelx 219EGhV rukçvifI RBHsIusuvtßi sgáat;pSarkNþal1 xNÐdUneBj raCFanIPñMeBj Tel: (855-23) 225 333 14 FnaKar vDÆn³GasIu cMkat; Fax: (855-23) 216 333 GKarelx148 mhavifIRBHsIhnu sgáat;bwgekgkg 1 xNÐcMkarmn raCFanIPñMeBj E-mail: [email protected] Tel: (855-23)726 900 15 FnaKar eG Giun ehSt r:Uya:l; km<úCa Fax: (855-23)221 309 GKarelx20FE-EO vifIRkmYns kac;RCugpøÚvelx67 sgáat;pSarfμI1 xNÐdUneBj website: www.anzroyal.com raCFanIPñMeBj E-mail: [email protected] 01- FnaKar eG Giun ehSt r:Uy:al; km<úCa saxaviman ÉkraCü GKarelx 100 vifIRBHsIhnu sgáat;ctumux xNÐdUneBj raCFanIPñMeBj 02- FnaKar eG Giun ehSt r:Uya:l; km<úCa saxamat;Tenø GKarelx265 vifIRBHsIusuvtßi sgáat;pSarkNþal1 xNÐdUneBj raCFanIPñMeBj 03- FnaKar eG Giun ehSt r:Uya:l; km<úCa saxapSarGULaMBik GKarelx361nig363 vifI RBHsIhnu sgáat;bwgRBlit xNÐ7mkra raCFanIPñMeBj 04- FnaKar eG Giun ehSt r:Uya:l; km<úCa saxaRkmYns GKarelx20FE-EO vifIRkmYns kac;RCugpøÚvelx67 sgáat;pSarfμI1 xNÐdUneBj 05- FnaKar eG Giun ehSt r:Uya:l; km<úCa saxaextþesomrab GKarelx566 568 570 pøÚveTBvgS PUmimNÐl1 XMusVaydgÁM Rsukesomrab extþesomrab 06- FnaKar eG Giun ehSt r:Uya:l; km<úCa saxaRkugRBHsIhnu GKarelx215 pøÚvÉkraCü Rkum2 xNÐmitþPaB RkugRBHsIhnu 07- FnaKar eG Giun ehSt r:Uy:al; km<úCa saxaextþ)at;dMbg pÞHelx2 pøÚvelx1 PUmi20 ]sPa XMusVaye):a Rsuk)at;dMbg extþ)at;dMbg 08- FnaKar eG Giun ehSt r:Uy:al; km<úCa saxaTwkføa pÞHelx1GW0-GW1 pøÚvelx110Ga sgáat;Twkføa xNÐb£sSIEkv raCFanIPñMeBj Tel : (855-23) 224 660 16 FnaKar exmxU lImItFIt Fax : (855-23) 224 661-2 GKarelx81 mhavifIRBHneratþm sgáat;pSarfI3μ xNÐdUneBj raCFanIPñMeBj Website: www.camkobank.com rd National Bank of Cambodia Review -55- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 FnaKarÉkeTs Tel : 220 810, 220 811 1 FnaKar GPivDÆn_CnbT Fax: (855-23) 722 388 GKarelx9-13 pøÚvelx7 sgáat;ctumux xNÐdUneBj raCFanIPñMeBj E-mail: [email protected] Tel.: 217 750, 218 667 2 FnaKarÉkeTs ksikmμ ]sSahkmμ km<úCa Fax: (855-23) 217 751 GKarelx83 mhavifIRBHneratþm sgáat;pSarfμI3 xNÐdUneBj raCFanIPñMeBj E-mail:[email protected] 01- FnaKarÉkeTs ksikmμ ]sSahkmμ km<úCa saxataexμA GKarelx830 pøÚv107 PUmitaexμA XuMtaexμA RsuktaexμA extþkNþal Tel.: 219 243, 219 245 3 FnaKarÉkeTs eb:g ehg EGs Gwum GIu FnaKar cMkat; Fax: (855-23) 219 185 GKarelx72 mhavifI RBHneratþm sgáat;C½yCMnH xNÐdUneBj raCFanIPñMeBj E-mail:[email protected] Tel: 222 281 4 FnaKar ÉkeTsvinieyaKTImYy Fax:(855-23) 222 281 GKarelx72 mhavifIRBHsIhnu sgáat; Tenø)asak; xNÐcMkarmn raCFanIPñMeBj E-mail:[email protected] 5 FnaKarÉkeTs GankU GKarelx20 pøÚvelx217 sgáat;valvg; x½NÐ7mkra raCFanIPñMeBj Tel : (855) 23 212 126 6 FnaKarÉkeTs exmbUDan DIevLúbemn Fax: (855) 23 212 125 E-mail : [email protected] GKarelx25 pøÚvelx222 sgáat;bwgraMg xNÐdUneBj raCFanIPñMeBj Website: www.cdb.com.kh, rd National Bank of Cambodia Review -56- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 RKwHsßanmIRkUhirBaØvtßú Tel: 362 913, 880 942 1 Rkumh‘un { GRmwt } Fax: (855-23) 881 342 E-mail: [email protected] GKar elx35 BA pøÚvelx169 sgáat;valvg; x½NÐ7mkra raCFanIPñMeBj Tel.: 951 404 2 htßaksikr Fax: (052) 951404 # 39, pøÚv 432/ bwgRtEbk/ cMkarmn/ PñMeBj E-mail: [email protected] tughVagmIRkUhirBaØvtßúkm<úCa Tel.:362 885, 987 919 3 Fax: (855-23) 362 885 # 75 Eo, mhavifIem:AesTug/ bwgekgkg III / cMkarmn / PñMeBj Tel: 211165, 216 960 4 FnaKar PUmikm<úCa Fax: (855-23) 216 960 # 20/ pøÚv105-242/ bwgRBlit/ 7mkra / PñMeBj E-mail: [email protected] Tel: 217 749 5 Rkumh‘un sßabnashRKinkm<úCa lImItFIt Fax: (855-23) 217 749 pÞHelx40 pøÚv111 sgáat;bwgRBlit x½NÐ7mkra raCFanIPñMeBj E-mail: [email protected] Tel: 367 089 6 Rkumh‘un sIlaniFilImIFIt Fax:(855-23) 990 225 pÞHelx46 pøÚvelx141 sgáat;valvg; x½NÐ7mkra raCFanIPñMeBj E-mail: [email protected] Tel: 993 062, 224 763 Rkumh‘un GgÁrmIRkUhirBaØvtßú ¬km<úCa¦ xUGilFIDI E-mail: [email protected] 7 GaKarPñMeBjesnF½r Can;TI1 bnÞb;elx191 bøúkF EkgpøÚv suFars nigpøÚvRBHsIhnu sgáat;Tenø)asak; x½NÐcMkarmn raCFanIPñMeBj 8 Rkumh‘un vIsin hVan; ¬exmbUDa¦ GilFIDI Tel: 216 052 GKarelx20 pøÚvelx71 sgáat;Tenø)asak; x½NÐcMkarmn raCFanIPñMeBj Fax:(855-23) 216 220 9 Tel: 217 942, 219 228 eRkDIt lImIFIt Fax:(855-23) 217 942, 726 396 pÞHlx18 pøÚvelx 422 sgáat;Tenø)asak; x½NÐcMkarmn raCFanIPñMeBj E-mail:[email protected] R)asak; m:ayRkUhVayEnn GiunsÞIFüÚsin Tel: 220 102, 213 642 10 Fax: (855-23) 216 362 # 25/ pøÚv294-57/ bwgekgkg I/ cMkarmn/ PñMeBj Email: [email protected] shKmn_mUlniFishPaBGPivDÆn_ksikr Tel: 364005 Fax:(855-23) 364 454 11 # 753/ pøÚvRBHmunIvgS/ bwgRtEbk I/ cMkarmn/ PñMeBj Email: [email protected] Rkumh‘un GPivDÆn_esdækic©CnbTkm<úCa 12 Tel: (053) 953 044 # 337/ PUmib£sSIeRkak/XMub£sSIeRkak/RsukmgÁlbUrI extþbnÞaymanC½y E-mail: [email protected] m:ak;sIum:a mIRkUhirBaØvtßú Tel:214 240 13 Fax:(855)23 354 240 # 68/ pøÚv125/ valvg;/ 7mkra/ PñMeBj E-mail:[email protected] Rkumh‘un \NTanBlrdærugerOg Fax/Phone: (855-23) 990 237 14 E-mail:[email protected] # 108/ pøÚvshB½n§rusSI/ Twkl¥k;1/ TYleKak/ PñMeBj sIueGCsIu lImIFIt 15 Fax/Phone: (855-23) 354 435 # 02/ pøÚv303/ bwgkk;2/ TYleKak/ PñMeBj E-mail:[email protected] Bisid§ GPivDÆn_esdækic© Fax/Phone:(053) 730 250 16 # 423/ pøÚvshB½nærusSI/ Twkl¥k;1/ TYleKak/ PñMeBj E-mail:[email protected] rd National Bank of Cambodia Review -57- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 \NTanGPivDÆn_RbCaCn lImItFIt ¬GIu>eG>PI¦ Tel : (855-23) 884 355 17 884 364 pÞHelx189GW0 nig 191GW0 pøÚvkm<úCaeRkam ¬128¦ sgáat;mitþPaB x½NÐ7mkra raCFanIPñMeBj Fax : (855-23) 884 377 E-mail: [email protected] kariyal½y tMNag 1 sþg;darqaTWEr:t Tel: 426 685, 212 732 # GKar G-02/ sNæaKarmIkasa 313/ pøÚvRBHsIusuvtßi/ Tenø)asak;/ PñMeBj 2 FnaKar ksikmμnigGPivDÆn_CnbTénevotNam Tel: 223 750 Fax: (855-23) 223 770 # 42A/ pøÚv 214/ bwgraMg/ dUneBj/ PñMeBj E-mail: [email protected] rd National Bank of Cambodia Review -58- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 LIST OF BANKING – FINANCIAL INSTITUTIONS June 2007 Tel. : (855-23) 214 111, 222 880 CAMBODIAN PUBLIC BANK LTD., Fax : (855-23) 222 887 1 Nº 23, 114 Street, Sangkat Phsar Thmey 2, Khan Daun E-mail:[email protected] Penh, Phnom Penh. 1- CAMBODIAN PUBLIC BANK LTD., Siem Reap Province Branch. Nº 618, Vithei Sang Reach Tep Vong, Group 2, Modol 1, Khum Svay Dangkom, Siem Reap District, Siem Reap Province. 2- CAMBODIAN PUBLIC BANK LTD., Sihanouk Ville Branch. Street 108, Sangkat 2, Khan Mittapheap, Sihanouk Ville. 3- CAMBODIAN PUBLIC BANK LTD., Battambang Branch. Nº 102, Group38, Street 31/2, 20 Ousaphea Village, Svay Por Commune, Battambang District, Battambang Province. 4-CAMBODIAN PUBLIC BANK LTD., Olympic Branch. No. 267, Preah Sihanouk Blvd., Sangkat Veal Vong, Khan 7 Makara, Phnom Penh. 5- CAMBODIAN PUBLIC BANK LTD., Kampong Cham Branch. No 5-7, St. Preah Angduong, Sangkat Kampong Cham, Kampong Cham District, Kampong Cham Province. 6- CAMBODIAN PUBLIC BANK LTD., Takhmao Branch. St.203, Corner Road 106, Takhmao Commune, Takhmao District, Kandal Province. MAYBANK PHNOM PENH BRANCH. 2 Tel. : (855-23) 210 255,210 123 Nº 4B, Kramoun Sar St., Sangkat Phsar Thmey 1, Khan Fax : (855-23) 210 099 Daun Penh, Phnom Penh. FIRST COMMERCIAL BANK PHNOM PENH BRANCH. 3 Tel. : (855-23) 210 027,210 028 Nº 263, Preah Ang Doung St., Sangkat What Phnom, Fax : (855-23) 210 029 Khan Daun Penh, Phnom Penh. E-mail:[email protected] KRUNG THAI BANK PUBLIC CO., LTD PHNOM PENH 4 Tel :(855-23) 366 005, 882 959 BRANCH. Fax:(855-23) 428 737 Nº 149, 215 Road, Sangkat Phsar Depo 1, Khan Toulkok, E-mail:[email protected] Phnom Penh. 1- KRUNG THAI BANK PUBLIC CO. LTD., Siem Reap Province Sub-Branch. Nº 10-11, Sivatha Road, Modol 2, Khum Svay Dangkom, Siem Reap District, Siem Reap Province. CANADIA BANK PLC. Tel. : (855-23) 215 284, 215286 5 Nº 265-267-269, Ang Doung Street (110), Sangkat Fax : (855-23) 427 064 Wat Phnom, Khan Daun Penh, Phnom Penh. E-mail:[email protected] o 1- CANADIA BANK PLC. Olympic Branch. N 394Eo, Sihanouk Street, Sangkat Olympic, Khan Chamkarmon, Phnom Penh. rd National Bank of Cambodia Review -59- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 2- CANADIA BANK PLC. Sihanouk Ville Branch. No 197, Ekreach Street, Sangkat 2, Khan Mitapheap, Sihanouk Ville. 3- CANADIA BANK PLC. Kompong Cham Branch. Preah Monivong Street, Village 7, Kompong Cham Commune, Kompong Cham District, Kompong Cham Province. 4- CANADIA BANK PLC. Battambang Branch . No 11-13, Prek Mohatep Village, Svaypor Commune, Battambang District, Battambang Province. 5- CANADIA BANK PLC. Pailin City Branch. Phum Bordenneav, Sangkat Pailin, Khan Pailin, Pailin City. 6- 0CANADIA BANK PLC. Charle De Gaulle Branch. No 126, Charle de Gaulle Blvd., Sangkat Oreussey 4 , Khan 7 Makara, Phnom Penh. 7- CANADIA BANK PLC. Siem Reap Branch. Sivutha St, Mundul 1, Svay Dangkum Commune, Siem Reap District, Siem Reap Province. 8- CANADIA BANK PLC. Poipet Branch. National Road 5, Kbalspean Village, Poipet Commune, Ochrov District, Banteymeanchey Province 9- CANADIA BANK PLC. Kampot Branch. No33, Vithey Angkor, Kompong Bay Khang Tbong Village, Kompong Bay Commune, Kompong Bay District, Kampot Province. 10- CANADIA BANK PLC. Sorya Branch. Shopping Center Sorya, St. 63, Sangkat Phsar They 1, Khan Daun Penh, Phnom Penh. 11- CANADIA BANK PLC. Banteaymeanchey Branch. No. 15,16,17 and 18, Village 3, Preah Ponlea Commune, Serey Sophorn District, Banteay Meanchey Province. ACLEDA Bank Plc. Tel : (855-23) 998 777, 430 999 6 Nº 61, Preah Monivong Blvd., Sangkat Srah Chork, Fax: (855-23) 998 666, 430 555 Khan Daun Penh, Phnom Penh E-mail:acledabank@acledabank. com.kh website: www.acledabank.com.kh SWIFT: ACLBKHPP 1- ACLEDA Bank Plc. Phnom Penh Branch. No 29, St. 217, Sangkat Veal Vong, Khan 7 Makara, Phnom Penh. 2- ACLEDA Bank Plc. Siem Reap Branch. Nº 1,2&3, Mondul 2 Village, Svay Dangkum Commune, Siem Reap District, Siem Reap Province. 3- ACLEDA Bank Plc. Kampong Cham Branch. Nº 31-33, St. Khemarak Phomin, Village14, Kampong Cham Commune, Kampong Cham District, Kampong Cham Province. rd National Bank of Cambodia Review -60- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 4- ACLEDA Bank Plc. Banteay Meanchey Branch. Nº 268D,269D,270D,271D, Group 13, Village 3, Preah Ponlear Commune, Serei Saophoan District, Banteay Meanchey Province. 5- ACLEDA Bank Plc. Battambang Branch. Nº 899, Group 5, Romchek 4 Village, Rottanak Commune, Battambang District, Battambang Province. 6- ACLEDA Bank Plc. Kampot-Kep Branch. Nº 27, St 724, Group1, 1 Ousphea Village, Kampong Kandal Commune, Kampong Bay District, Kampot Province. 7- ACLEDA Bank Plc. Takeo Branch. Road 10, Group 4, Village 2, Rokar Khnong Commune, Don Keo District, Takeo Province. 8- ACLEDA Bank Plc. Sihanouk Ville Branch. No 118, Group 16, Phum 2, Sangkat 4, Khan Mittapheap, Sihanouk Ville. 9- ACLEDA Bank Plc. Pursat Branch. No 239, National Road No 5, Peal Nhek 1 Village, Pteah Prey Commune, Sampov Meas District, Pursat Province.. 10- ACLEDA Bank Plc. Kampong Thom Branch. o o N 36, National Road N 6, Group 3, Stung Sen Village, Kampong Krabao Commune, Stung Sen District, Kampong Thom Province. 11- ACLEDA Bank Plc. Kampong Speu Branch. National Road No.4, Samnang Village, Rokar Thom Commune, Chbar Mon District, Kampong Speu Province. 12- ACLEDA Bank Plc. Kampong Chhnang Branch. Trapaing Bei Village, Phsar Chhnang Commune, Kampong Chhnang District, Kampong Chhnang Province. 13- ACLEDA Bank Plc. Svay Rieng Branch. Rong Banlae Village, Svay Rieng Commune, Svay Rieng District, Svay Rieng Province. 14- ACLEDA Bank Plc. Prey Veng Branch. Group 9, Village 4, Kampong Leav Commune, Kampong Leav District, Prey Veng Province. 15- ACLEDA Bank Plc. Daun Penh Branch. No 248, Preah Monivong Blvd., Sangkat Boeung Raing, Khan Daun Penh, Phnom Penh. 16- ACLEDA Bank Plc. Dangkor Branch. Group 9, Phum Paprak Khang Cheung, Sangkat Kakab, Khan Dangkor, Phnom Penh. 17- ACLEDA Bank Plc. Russey Keo I Branch. No 482, Group 6, Phum Spean Khpous, Sangkat o Kilometre N 6, Khan Russey Keo, Phnom Penh. rd National Bank of Cambodia Review -61- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 18- ACLEDA Bank Plc. Russey Keo II Branch. No A06, A07, A08, A09, Group 8, Phum 3, Sangkat Chruoy Chang Var, Khan Russey Keo, Phnom Penh. 19- ACLEDA Bank Plc. Rattanakiri Branch. Village 1, Labanseak Commune, Banlung District, Rattanakiri Province. 20- ACLEDA Bank Plc. Kandal Branch. Krapeu Ha Village, Prek Russey Commune, Takhmao District, Kandal Province. 21- ACLEDA Bank Plc. Otdar Meanchey Branch. No 127, Group 4, Samraong Village, Samraong Commune, Samraong District, Otdar Meanchey Province. 22- ACLEDA Bank Plc. Kratie Branch. Road 12, Group 6, Kratie Village, Kratie Commune, Kratie District, Kratie Province. 23- ACLEDA Bank Plc. Pailin Branch. No Chor2/231, Phum Pahi Tboung, Sangkat Pailin, Khan Pailin, Pailin City. 24- ACLEDA Bank Plc. Koh Kong Branch. No 222, Group 8, Village 2, Smach Mean Chey Commune, Smach Mean Chey District, Koh Kong Province. 25- ACLEDA Bank Plc. Preah Vihear Branch. Lor Oet Village, Kampong Pranak Commune, Tbeng Mean Chey District, Preah Vihear Province. 26- CLEDA Bank Plc. Mondulkiri Branch. O Spean Village, Speanmeanchey Commune, Senmonorom District, Mondulkiri Province. 26- ACLEDA Bank Plc. Stung Treng Branch. Kandal Village, Stung Treng Commune, Stung Treng District, Stung Treng Province. 28- ACLEDA Bank Plc. Meanchey Branch. No 32, National Road No 1, Group 3, Phum Doeum Ampil, Sangkat Chbar Ampeou I, Khan Mean Chey, Phnom penh. 29- ACLEDA Bank Plc. Beung Trabek Branch. Nº 28, Mao Tse Tung Blvd., Sangkat Beung Trabek, Khan Chamcarmon, Phnom Penh. 30- ACLEDA Bank Plc. Steung Meanchey Branch. Nº 235, Monireth Blvd., (217), Group 51, Phum 17, Sangkat Beung Salang ,Khan Tuol Kork, Phnom Penh. rd National Bank of Cambodia Review -62- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 CAMBODIAN COMMERCIAL BANK LTD. Tel.: (855-23)426 145, 426 638 7 Fax: (855-23)426 116 Nº 26, Preah Monivong Blvd., Sangkat Phsar Thmey 2, E-mail:[email protected] Khan Daun Penh, Phnom Penh. 01- Cambodian Commercial Bank Ltd., Battambang Tel: (855 53) 370 130, 952 266 Branch. No116-117, 20 Ausaphea Village, Svaypor Commune, Battambang Province. 02- Cambodian Commercial Bank Ltd., Siemreap Branch. Tel: (855 63) 964 392 Mondol 1, Sangkat 2, Siemreap Town, Siemreap Province. 03- Cambodian Commercial Bank Ltd., Sihanouk Ville Tel : (855 34) 934 777 Branch. No 242, Ekareach Street, Sangkat 2, Khan Mittapheap, Sihanouk Ville. UNION COMMERCIAL BANK PLC. Tel:(855-23) 218 682, 427 995 8 Fax:(855-23) 427 997 Nº 61, 130 Road, Sangkat Phsar Chas, Khan Daun Penh, E-mail: [email protected] Phnom Penh. 1- UNION COMMERCIAL BANK PLC. Sihanouk Ville Branch. Nº 195, Vithei Ekreach, Sangkat No. 2, Khan Mittapheap, Sihanouk Ville. 2- UNION COMMERCIAL BANK PLC. Siem Reap Branch. Mondol1, Khum Svay Dangkum, Siem Reap District, Siem Reap Province. 3- UNION COMMERCIAL BANK PLC. Battambang Branch. No. 100 Eo, Group 9, Phum Prek Moha Tep, Khum Svay Por, Srok Svay Por, Battambang Province. VATTANAK BANK Tel: (855-23)212 727 9 Fax: (855-23)216 687 Nº 89, Preah Norodom Blvd., Sangkat Boeung Raing, E-mail: [email protected] Khan Daun Penh, Phnom Penh. 1- VATTANAK BANK Siem Reap Branch. Sivatha Road, Svay Dangkom Commune, Siem Reap District, Siem Reap Province. CAMBODIA ASIA BANK LTD. Tel: (855-23)220 000, 722 105 Nº 439, Preah Monivong Blvd., Sangkat Boeung Prolit, Fax: (855-23)426 628 10 E-mail: [email protected] Khan 7 Makara, Phnom Penh. FOREIGN TRADE BANK OF CAMBODIA. Tel: (855-23)724 466, 723 854 11 o 722 466, 725 266 Nº 3, Street N 114 and 53, Sangkat Phsar Thmey 1, Khan Fax: (855-23)426 108, 426 410 Daun Penh, Phnom Penh. E-mail: [email protected] Singapore Banking Corporation Ltd. Tel: (855-23)211 211 12 Fax: (855-23)212 121 Nº 68, Samdech Pan St.(214), Sangkat Boeung Raing, website: www.sbc-bank.com Khan Daun Penh, Phnom Penh. E-mail : [email protected] 1- Singapore Banking Corporation Ltd., Nehru Branch. Nº 168GE0, Jawaharlal Nehru Blvd. (St.215), Sangkat Vealvong, Khan 7 Makara, Phnom Penh. rd National Bank of Cambodia Review -63- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 CAMBODIA MEKONG BANK PUBLIC LIMITED. Tel: (855-23)217 112 Nº 06, Preah Monivong Blvd., Sangkat Srah Chak, Khan Fax: (855-23)217 122 13 E-mail: [email protected] Daun Penh, Phnom Penh. 1- CAMBODIA MEKONG BANK Regency Square Branch. Regency Square Nº 298, Mao Tse Tung Blvd., & Nº 168, Monireth Blvd., Sangkat Tumnub Toeuk, Khan Chamkarmorn, Phnom Penh. 2- CAMBODIA MEKONG BANK Siem Reap Branch. Sivutha St., Svaydangkum Commune, Siem Reap District, Siem Reap Province. 3- CAMBODIA MEKONG BANK Sihanok Ville Branch. Group 7, Mondul 2, Sangkat 2, Khan Mittapheap, Sihanouk Ville. 4- CAMBODIA MEKONG BANK Daun Penh Branch. No 01, Kramuon Sar St., Sangkat Phsar Thmey 1, Khan Daun Penh, Phnom Penh. 5- CAMBODIA MEKONG BANK Phsar Kandal Branch. No 219F, Preah Sisovath Road, Sangkat Phsar Kandal1, Khan Daun Penh, Phnom Penh. ADVANCED BANK OF ASIA LIMITED. Tel: (855-23) 225 333 Nº 148, Preah Sihanouk Blvd., Sangkat Boeung Fax: (855-23) 216 333 14 E-mail: [email protected] Kengkang I, Khan Chamkarmorn, Phnom Penh. ANZ ROYAL BANK CAMBODIA Ltd. Tel: (855-23)726 900 15 Nº 20 FE-EO, Corner of Kramoun Sar and Street 67, Fax: (855-23)221 309 Sangkat Phsar Thmey 1, Khan Daun Penh, Phnom Penh. website: www.anzroyal.com E-mail: [email protected] 1- ANZ ROYAL BANK CAMBODIA Ltd. Independence Monument Branch. Nº 100, Sihanouk Blvd., Sangkat Chaktomuk, Khan Daun Penh, Phnom Penh. 2- ANZ ROYAL BANK CAMBODIA Ltd. Riverside Branch. Nº 265, Sisowath Quay, Sangkat Phsar Kandal1, Khan Daun Penh, Phnom Penh. 3- ANZ ROYAL BANK CAMBODIA Ltd. Olympic Market Branch. Nº 361 and 363, Sisowath Blvd., Sangkat Boeung Prolit, Khan 7 Makara, Phnom Penh. 4- ANZ ROYAL BANK CAMBODIA Ltd. Kramoun Sar Branch. Nº 20 FE-EO, Corner of Kramoun Sar and Street 67, Sangkat Phsar Thmey 1, Khan Daun Penh, Phnom Penh. 5- ANZ ROYAL BANK CAMBODIA Ltd. Siem Reap Branch. Nº 566, 568 and 570, Street Tep Vong, Phum Mondul 1, Khum Svay Dangkum, Srok Siem Reap , Siem Reap Province. rd National Bank of Cambodia Review -64- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 6- ANZ ROYAL BANK CAMBODIA Ltd. Sihanoukville Branch. Nº215, Street Ekareach, Group 2, Khan Mittapheap, Sihanoukville. 7- ANZ ROYAL BANK CAMBODIA Ltd. Battambang Branch. Nº 2, Street 1, 20 Ousphea Village, Svay Por Commune, Battambang District, Battambang Province. 8- ANZ Royal Bank Cambodia Ltd. Teuk Thla Branch. Nº 1 E0-E1, Street 110A, Sangkat Teuk Thla, Khan Russey Keo, Phnom Penh. CamKo Bank Limited. Tel : (855-23) 224 660 16 Nº 81, Norodom Bvld., Sangkat Phsar Thmei III, Khan Fax : (855-23) 224 661-2 Daun Penh, Phnom Penh. Website: www.camkobank.com rd National Bank of Cambodia Review -65- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 SPECIALIZED BANKS 1 RURAL DEVELOPMENT BANK Tel : 220 810, 220 811 # 9, 07 rd. Sangkat Chaktomuk, Khan Daun Penh Fax: (855-23) 722 388 E-mail: [email protected]. Phnom Penh, Cambodia . Tel.: 21 9243, 219 245 2 Specialized Bank PENG HENG S.M.E. Ltd. #74, Norodom Blvd. Sangkat Chey Chumneas, Fax: (855-23) 219 185 E-mail:[email protected] Khan Daun Penh., Phnom Penh, Cambodia. 3 Cambodia Agriculture Industrial Specialized Bank Tel.: 217 750, 218 667 # 83, Preah Norodom Blvd, Sangkat boeung Raing Fax: (855-23) 217 751 Khan Daun Penh, Phnom Penh, Cambodia. E-mail:[email protected] 1-Takhmau Branch # 007, 211 St., Phum-Srok Takhmau, Kandal Province. Tel : 222 281 4 First Investment Specialized Bank Fax: (855-23) 222 281 # 72, Preah Sihanouk Blvd, Sangkat Tonle Bassak, E-mail: [email protected] Khan Chamkarmorn, Phnom Penh, Cambodia. 5 ANCO Specialized Bank # 20, 217 St., Sangkat Veal Vong, Khan 7 Makara, Phnom Penh, Cambodia. 6 Cambodian Development Specialized Bank Ltd., Nº 25, Street 222, Sangkat Boeung Raing, Khan Daun Penh, Phnom Penh. rd National Bank of Cambodia Review -66- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 MICRO FINANCE AMRET Co.Ltd. Tel: 362 913, 880 942 1 #72-74, 598 St. Sangkat Boeungkok II, Khan Fax: (855-23) 881 342 Tuolkok, Phnom Penh, Cambodia E-mail: [email protected] HATTHAKAKSEKAR Tel.: 994 304, 224 102 2 # 39, Road 432, Sangkat Boeung Trabek, Fax: (855-23) 994 303 Khan Chamkarmon, Phnom Penh, Cambodia . E-mail:hatthakaksekar@online. com.kh TONG FANG Micro finance Ltd 3 Tel.:362 885, 987 919 #75Eo, Mao Tse Tung Blvd, Sangkat Boeung Keng Kang III, Fax: (855-23) 362 885 Khan Chamkarmon, Phnom Penh, Cambodia. THANEAKEA PHUM CAMBODIA Tel: 211 165, 216 960 4 # 20,105/242 rd, Sangkat Boeung Prolit, Khan Fax: (855-23) 216 960 7 Makara, Phnom Phenh, Cambodia. E-mail: [email protected] Cambodian Entrepreneur Building Ltd. Tel: 217 749 5 # 21,113 rd, Sangkat Boeung Prolit, Khan Fax: (855-23) 217 749 E-mail: [email protected] 7 Makara, Phnom Phenh, Cambodia. SEILANITHIH Ltd. Tel: 367 089 6 # 103,St.141, Sangkat Veal Vong, Khan 7 Makara Fax:(855-23) 990 225 Phnom Penh, Cambodia. E-mail: [email protected] Angkor Microheranhvatho Kampuchea Tel: 993 062, 224 763 7 #174, St.370, Sangkat Boeung Keng Kang I, Khan Chamkarmon, Phnom Penh, Cambodia. E-mail:[email protected] VISON FUND (Cambodia) Ltd. 8 Tel: 216 052 # 20, St.71, Sangkat Tonle Bassac, Khan Chamkarmon Fax:(855-23) 216 220 Phnom Penh, Cambodia. CREDIT Co, Ltd. Tel: 217 942, 219 228 9 #18, St.422, Sangkat Tonle Bassac, Khan Chamkarmon Fax: (855-23) , 217 942 Phnom Penh, Cambodia. E-mail:[email protected] Tel: 220 102, 213 642 PRASAC MICRIFINANCE Institution Ltd. Fax: (855-23) 216 362 10 #25,St. 294-57,Sangkat Boeung Keng Kang I, Email: [email protected] Khan Chamkarmon, Phnom Penh, Cambodia. FARMER UNION DEVELOMENT FUND Tel: 364 005 11 #753, Preah Monivong Blvd, Sangkat Boeung Trabek I, Fax: (855-23) 364 454 Khan Chamkarmon, Phnom Penh, Cambodia. Email: [email protected] Cambodian Business Integrate in Rural Development 12 Tel: (053) 953 044 #337, Group 9, Russeykrok village-commune, E-mail: [email protected] Mongkolborey District, Banteay Meanchey Tel: 214 240 13 Maxima Mikroheranhvatho Fax: (855)23 354 240 #65, 125 St., Sangkat Veal Vong, Khan 7 Makara, E-mail:[email protected] Phnom Penh, Cambodia. INTEAN POALROATH RONGROEURNG 14 #108, St. Confederation de la Russei, Tuk Laak I, Fax/Phone: (855-23) 990 237 Tuol Kok, Phnom Penh, Cambodia. E-mail:[email protected] CHC Limited 15 Fax/Phone: (855-23 )354 435 #02, 303 St.Sangkat Boeungkok II, Khan Tuol Kok E-mail:[email protected] Phnom Penh, Cambodia. rd National Bank of Cambodia Review -67- No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 PISETH Akphiwat Sethakech 16 #423,Group 7,Rom Chek 4 village, Ratanak Commune Fax/Phone: (053) 730 250 Battambang District-Province. E-mail:[email protected] Entean Akpevath Pracheachun Limited (EAP) Tel : (855-23) 884 355 17 No 189Eo-191Eo, St. Kampuchea Krom (128), Sangkat 884 364 Fax : (855-23) 884 377 Mettapheap, Khan 7 Makara, Phnom Penh E-mail: [email protected] REPRESENTATIVE OFFICE STANDARD CHARTERED 1 Tel: 426 685, 212 732 # UnitG-02 Micasa Hotel, Apartments 313, Sisowath Quay, Phnom Penh, Cambodia. VIETNAM BANK FOR AGRICULTURE AND 2 Tel. 223 750 RURAL DEVELOPMENT Fax: (855-23) 223 770 # 42, St.214, Boeung Raing, Daunpenh, E-mail: [email protected] Phnom Penh, Cambodia. rd National Bank of Cambodia Review -68- No 21, 3 Quarter 2007 RbB½n§FnaKarenAkm<úCa éf¶TI 30 Ex mifuna qñaM 2007 FnaKarCati én km<úCa 16 FnaKarBaNiC¢ 6 FnaKarÉkeTs RKwHsßanmIRkUhirBaØvtßú 21saxaFnaKarCati enAtamextþ-Rkug 1 FnaKarrdæ 17 manGaC£ab½NÑ -RkugPñMeBj -RkugRBHsIhnu - FnaKar GPivDÆn_CnbT 1 GRmwt -kMBg;cam -)at;dMbg 2 htßaksikr 13 begáIteLIgtamc,ab;kñúgRsuk 5 FnaKarÉkCn -esomrab -sVayerog 3 saxaFnaKarbreTs 3 tughVagmIRkUhirBaØvtßú - FnaKar eb:gehg S.M.E. -kMBt -éRBEvg 4 FnaKarPUmikm<úCa -FnaKar BaNiC¢kmμTImYy - FnaKar BaNiC¢kmμeRkARbeTs - FnaKarÉkeTsksikmμ -kNþal -taEkv 5 Rkumh‘unsßabnashRKinkm<úCa -FnaKar Rkugéf - FnaKar vDÆn³GasIu ]sSahkmμkm<úCa -kMBg;FM -kMBg;qñaMg 6 sIlaniFi -FnaKar emyEb‘g - FnaKar km<úCaGasIu - FnaKarÉkeTsvinieyaKTI1 -eBaFisat; -kMBg;s - FnaKar ksikmμ nigGPivDÆn_CnbTénevotNam RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 bBa¢IraynamGgÁkareRkArdæaPi)al EdleFVIRbtibtþikar mIRkUhirBaØvtßú )ancuHbBa¢IenAFnaKarCatiénkm<úCa 1- smaKmGPivDÆn_ksikrnigeTscrN_ 14- GgÁkar\søamGPivDÆn_CnbT 2- smaKmCYyksikr 15- GgÁkarGPivDÆn_CnbTExμr 3- smaKmepþImKMnitBaNiC¢kmμ 16- smaKmsuxumalPaBRsþIextþRkecH 4- GgÁkarGPivDÆn_sBVkarCatiExμr 17- GgÁkarlUefra:nbMerIBiPBelak 5- smaKmsMNagGPivDÆn_CnbT 18- KeRmag\NTanRksYgGPivDÆn_CnbT 6- smaKmGPivDÆn_BuT§sasnanigRTRTg;brisßan 19- smaKmGPivDÆn_tMbn;Bay½Bü 7- shB½n§shKmn_snSMR)ak;km<úCa 20- smaKmGPivDÆn_RsukERs 8- \NTanlubbM)at;PaBRkIRk 21- GgÁkarGPivDÆn_esdækic©CnbT 9- GgÁkarsgÁhGPivDÆn_km<úCa 22- GgÁkarGPivDÆn_RKYsarCnbT 10- GPivDÆn_esdækic©CnbTenAkm<úCa 23- GgÁkarGPivDÆn_sgÁmCnbT 11- GgÁkarGPivDÆn_®sþIkm<úCa 24- smaKmGPivDÆn_sENþkesogtaGug 12- sIuGaysIueGm km<úCa 25- kmμviFIGPivDÆn_®sþIkñúgshKmn_énxNÐmanC½y 13-smaKmCatiRTRTg;ksipl 26- GgÁkarbNþajesdækic©km<úCa National Bank of Cambodia Review -70- No 21, 3rd Quarter 2007 THE BANKING SYSTEM IN CAMBODIA As of June 30, 2007 NATIONAL BANK OF CAMBODIA (CENTRAL BANK) 16 Commercial Banks 6 Specialized Banks Micro Finance Institutions 21 NBC Provincial Branches 17 Licensed - Krung Phnom Penh 1 State owned - Kampong Cham 1-AMRET Co. Ltd. - Sihanouk Ville - Siemreap - Rural Development Bank 2-Hatthakaksekar 3 Foreign Branch Banks 13 Locally incorporated 3-Tong Fang Micro finance Ltd. - Battambang 4-Thaneakea Phum Cambodia - Svay Rieng 5-Cambodia Entrepreneur Building Ltd. - Kampot - First Commercial Bank - Foreign Trade Bank 6-Seilanithih - Kandal - Krung Thai Bank - Advanced Bank of Asia 5 Privately owned 7-Angkor Microheranhvatho - Prey Veng - May Bank - Cambodia Asia Bank - Kampong Thom - Canadia Bank Ltd. Kampuchea - Takeo - Cambodian Commercial 8-Vison Fund (Cambodia) Ltd. - Peng Heng S.M.E Limited 9-Credit Co. Ltd. - Pursath Bank - Cambodia Agriculture Industrial - Kampong Chhnaing - Cambodia Mekong 10-Prasac Micro Finance Institution Specialized Bank 11-Farmer Union Dev.Fund - Kampong Speu Bank - First Investment Specialized B - Koh Kong - Cambodian Public 12-Cambodia Business Integrate in rural - Anco Specialized Bank Development - Preah Vihear Bank - Kratie - Singapore Banking - Cambodian Development 13-Maxima Mikroheranhvatho 14-Inatean Poalroath rongroeung - Ratanakiri Corporation Specialized Bank - Mondolkiri - Union Commercial 15- CHC Limited 16- PISETH Akphiwat Sethakech - Stung Treng Bank - Banteay Meanchey - Vattanac Bank 17-Entean Akpevath Pracheachun - ACLEDA Bank Limited -ANZ Royal Bank Cambodia - Camko Bank NGOs - Registered 25 Exchange Bureau 2 Representative Office - Unregistered around 60 Registered 2.158 - Standard Chartered - Phnom Penh 263 - Vietnam Bank for agriculture and rural - Provincial 1.895 development RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 List of Registered NGOs 1- Agriculture & Tourism Development 14- Islamic local development Association organization 2- Aid Farmers Association 15- Khmer rural development association 3- Association for Business Initiative 16- Kratie Women Welfare Association 4- Association for Development of Diversified Khmer Nation 17- Lutheran World Federation Organization 5- Association of Samnang Rural Development 18- Ministry of Rural Development Credit Scheme 6- Buddhism for Development Association and Supporting Environment 19- Northwest Development Association 7- Cambodia Community Saving Federation. 20- Rural Development Association 8- Cambodia Credit to Abolish Poverty 21- Rural Economic Development Organization. 22- Rural Family Development 9- Cambodia Mutual 23- Social Development in Rural 10- Cambodia Rural Economy Development Organization 24- Ta Ong Soybean Development Association 11- Cambodia Women's Development Agency 25- Women's Saving and Development Cooperation 12- CICM Cambodia 26- Cambodia Economic Network 13- Crop Supporting National Association. National Bank of Cambodia Review -72- No 21, 3rd Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 dMeNIrGeBa¢IjeTAcUlrYmkarRbCMuGas‘anelIkTI3 enARBHraCaNacRkéfLg;d_ kalBIéf¶TI05 Exemsa qñaM2007 dwknaMeday Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa PñMeBj / éf¶TI06 Exemsa qñaM2007 rd National Bank of Cambodia Review - 73 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 BiFIceRmInRBHbritþTTYleTvtaqñaMfμIRbéBNICati qñaMkur nBVs½k B>s 2551 enATIsñak;karkNþalFnaKarCatiénkm<úCa PñMeBj / éf¶TI07 Exemsa qñaM2007 rd National Bank of Cambodia Review - 74 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 karsmÖaseRCIserIsbuKÁlikcUlbeRmIkargarenAFnaKarCatiénkm<úCa eRkamGFibtIPaB Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa PñMeBj / éf¶TI09 Exemsa qñaM2007 rd National Bank of Cambodia Review - 75 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa CYbBiPakSakargarCamYyKN³RbtiPURksYghirBaØvtßúCb:un dwknaMedayelak Shigeyuki TOMITA Gnurdæm®nþIRksYghirBaØvtßúCb:un PñMeBj / éf¶TI30 Exemsa qñaM2007 rd National Bank of Cambodia Review - 76 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa CYbsEmþgkarKYrsm nig BiPakSakargarCamYy Dr. A.G. Karunasena, Executive Director of The SEACEN Centre PñMeBj / éf¶TI04 Ex]sPa qñaM2007 rd National Bank of Cambodia Review - 77 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 BiFIsem rd National Bank of Cambodia Review - 78 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa CYbsMeNHsMNal nig BiPakSakargarCamYy elak Grégoire Vuarlot CMnajkarFnaKarkNþal)araMg PñMeBj / éf¶TI28 Ex]sPa qñaM2007 rd National Bank of Cambodia Review - 79 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 dMeNIrGeBa¢IjeTAcUlrYmkñúgkic©RbCMu fñak;eTsaPi)alFnaKarkNþal énRbeTsniyayPasa)araMgelIkTI14 enATIRkug Bern RbeTs Switzerland dwknaMeday Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa PñMeBj / éf¶TI28 Ex]sPa qñaM 2007 rd National Bank of Cambodia Review - 80 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa CYbRbCMukargarCamYyRkumebskkmμmUlniFirUbiyvtßúGnþrCati dwknaMedayelak Jeremy V. Carter PñMeBj / éf¶TI04 Exmifuna qñaM 2007 rd National Bank of Cambodia Review - 81 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa nig elakCMTav GeBa¢IjcuHBinitüGnuviTüal½yRCab; RsuksnÞúk extþkMBg;FM kMBg;FM / éf¶TI12 Ex]sPa qñaM2007 rd National Bank of Cambodia Review - 82 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 elakCMTav exov sIuNa Priya Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa CYbsMeNHsMNalCamYyRbCaCnenAXMuTIeBa RsuksnÞúk extþkMBg;FM kMBg;FM / éf¶TI12 Ex]sPa qñaM2007 rd National Bank of Cambodia Review - 83 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 elakCMTav exov sIuNa Priya Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa CYbsMeNHsMNalCamYyRbCaCnmkBIXMucMnYn4 kñúgRsuksnÞúk extþkMBg;FM kMBg;FM / éf¶TI31 Ex]sPa qñaM2007 rd National Bank of Cambodia Review - 84 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa nig elakCMTav GeBa¢IjcuHBinitüemIlRBHvihar vtþcMbk; XuMtaMgRksaMg RsuksnÞúk extþkMBg;FM kMBg;FM / éf¶TI16 Exmifuna qñaM2007 rd National Bank of Cambodia Review - 85 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa nig elakCMTav CYbsMeNHsMNalCamYyRbCaCncMnYn 52 RKYsar mkBIXMucMnYn5 kñúgRsuksnÞúk extþkMBg;FM kMBg;FM / éf¶TI17 Exmifuna qñaM2007 rd National Bank of Cambodia Review - 86 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa nig elakCMTav GeBa¢IjcuHCYy]btßmÖksagRBHvihar vtþTYlRBHvihar nigvtþsg;XøaMg kñúgRsuksnÞúk extþkMBg;FM kMBg;FM / éf¶TI18 Exmifuna qñaM2007 rd National Bank of Cambodia Review - 87 - No 21, 3 Quarter 2007 RBwtþibRt FnaKarCati én km<úCa elx 21 RtImasTI3 qñaM2007 elakCMTav exov sIuNa Priya Ék]tþm Ca can;tU eTsaPi)alFnaKarCatiénkm<úCa CYbsMeNHsMNal nig saksYrsuxTukçRbCaCnenAvtþsnÞúkeRkA nig salabzmsikSaCImaX enAXMukekaH RsuksnÞúk extþkMBg;FM kMBg;FM / éf¶TI18 Exmifuna qñaM2007 rd National Bank of Cambodia Review - 88 - No 21, 3 Quarter 2007
E)Ahbum<Psayeday
