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Supervision Annual Report 2018

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Supervision Annual Report 2018 FOREWORD The 2018 global economy is projected to grow at the rate of 3.6%, which is approximate to the last year's growth rate. Particularly, Asian economy has shown its potential and maintaining the economic growth with the expectation of5.5% growth rate. This economic growth has provided good opportunities for the Cambodia’s economy, especially for the exportation of tourism and construction, which are the keys in supporting the Cambodia's economy to achieve the economic growth rate of 7.5% in 2018. The continuous inflow of foreign direct investment, the growth of domestic demands, and the development of business activities including the improvement of international trade are the factors to keep the momentum of Cambodia's economic growth in the medium term. Political stability and peace throughout the country under the wise leadership of Samdech Akka Moha Sena Padei Techo HUN SEN, the Prime Minister of the Kingdom of Cambodia, has been favorable for the implementation of macroeconomic and financial policies, which is a part of the Royal Government's Rectangular Strategy Phase 4. These favorable conditions also promote the living standard through growing sustainable economy, boosting domestic investment, creating employments for Cambodian people, enhancing social equity, and strengthening effective governance of public entities. All of these factors have strongly supported the Cambodia's economy to integrate into the regional and global structures and architectures. The banking sector has played an active role in maintaining macroeconomic stability as well as the balanced and inclusive economic development. The favorable political and economic stability enables the banking sector to grow remarkably. The banking system has proven its resilience to withstand domestic and international competitive challenges, to increase the people's long-term trust, and to provide more efficient and broader financial services. Along with the banking sector's growth, the NBC has continued to closely monitor banking and financial institutions to strengthen the soundness and resilience of the banking system. Various supervisory regulations have been issued subsequently, especially macro-prudential measures, such as increasing bank capital, enhancing liquidity coverage ratio, establishing liquidity risk management framework, strengthening assets quality, and introducing capital buffers in accordance with the Basel core principles, aiming at increasing resilience to shocks and preventing systemic risk. Based on the international best practices, some other Prakas including the calculation of solvency ratio and the supervisory responses to weak banks are in the reviewing and preparation processes for the next step implementation on the basis of law, risk, and forward- looking perspectives. ‐i‐ For financial sector development and regional integration, the NBC has been paying attention on the implementation of the accounting standards and financial report to ensure consistency and to update the uniform chart of accounts for the banking and financial institutions to implement. Strong growth in both services and means of payment also requires a mechanism to control technological risk for protecting the safety of consumers and the whole banking system. Information on credit to companies has also been incorporated into the credit information sharing system of the Credit Bureau (Cambodia) in addition to the existing information on credit to individuals and this will support the banking and financial institution to conduct the analysis on the credit quality .The initiatives of new projects for increasing women’s access and uses of financial services have been adopted in accordance with the National Financial Inclusion Strategy (NFIS). Furthermore, the NBC has cooperated with the Ministry of Education, Youth and Sport (MoEYS) to integrate financial education into the general educational curriculum. The NBC also launched a project to provide advice related to the use of financial services through 3-2-1 voicemail service. In the meantime, the consumer protection measures are also further enhanced through establishing a consumer protection’s working group, setting up hotlines for handling consumers' complaints and other related issues, and issuing notices on illegal lending activities as well as the use of Crypto Currencies. Being an associate member of the International Association of Deposit Insurers (IADI), the NBC may receive trainings and practical experiences from other members, which would provide value-added inputs for designing the deposit protection scheme such as the inputs on how to determine the premium and to establish legal and institutional frameworks. In order to achieve effective works and to issue proper and timely measures, the qualification of banking supervisors has been frequently strengthened in both knowledge and soft skills. Furthermore, the theoretical knowledge has been usually applied on the real practices through the cooperative frameworks with relevant local and international institutions. The NBC will keep supporting the Royal Government of Cambodia in the implementation of the Rectangular Strategy, raising the public confidence on banking system, and developing the banking system to be more effective, resilient, competitive, and integrated as well as to further maintain price stability in accordance with the Financial Sector Development Strategy 2016-2025 . The NBC will further strengthen supervision, foster consumer protection, promote the use of Riel, and advance financial inclusion, in which financial inclusion refers to the widely and affordable use of financial services by the mass population. Phnom Penh, 03 June, 2019 CHEA CHANTO Governor National Bank of Cambodia ‐ii‐ CONTENTS Foreword .................................................................................................................................. i List of Figures and Tables ....................................................................................................... v 1. Major Development of Banking System ......................................................................... 1 1.1. Overview of Banking and Financial Institutions ...................................................... 1 1.2. Financial Position and Performance ......................................................................... 4 1.2.1. Banking Sector’s Performance ............................................................................ 4 1.2.2. Microfinance Sector’s Performance .................................................................. 8 1.2.3. Financial Leasing Sector’s Performance ........................................................... 10 1.2.4. Rural Credit Institutions’ Performance ................................................................ 11 1.2.5. Money Changers’ Performance ......................................................................... 11 2. The Development in Supervisory and Regulatory Frameworks ................................... 12 2.1 The Review and Issuance of Banking Regulations ................................................... 12 2.1.1 Implementation of the Report on Weighted Average Interest Rate on Deposits and Loans ................................................................................................. 15 2.1.2 Credit Risk Grading and Impairment Provisioning ............................................. 15 2.1.3 Capital Buffer in Banking and Financial Institutions ....................................... 16 2.1.4 Implementation of Prakas on Capital Buffer in Banking and Financial Institutions .................................................................................................................. 16 2.1.5 The Maintenance of Reserve Requirement Against Commercial Banks’ Deposits and Borrowings ........................................................................................ 17 2.2 Supervisory Activities ..................................................................................................... 17 2.3 Termination of Banking and Financial Institutions’ Performance .......................... 18 3. Promoting Financial Sector Development and Regional Integration………………. ... 18 3.1 The Development of Financial Infrastructure ........................................................... 18 3.1.1 Accounting and Financial Reporting Standards ............................................... 18 3.1.2 Credit Bureau Cambodia ...................................................................................... 18 3.1.3 Payment System’s Performance ........................................................................... 20 3.2 Financial Inclusion .......................................................................................................... 21 3.3 Financial Literacy and Consumer Protection ........................................................... 23 3.4 Interbank Market’s Performance ................................................................................ 24 3.5 Financing to Real Estate Sector .................................................................................. 25 3.6 Deposit Protection Scheme ......................................................................................... 28 ‐iii‐ 4 . Capacity Building on Supervision and International Cooperation ............................... 28 4.1 Capacity Building for Bank Supervisors ...................................................................... 28 4.2 International Cooperation ..........................................................................................
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