PHNOM PENH, May 18 (Xinhua) -- Cambodia’s banking industry has seen growth in loans and deposits in the first quarter of this year thanks to increasing trade and investment activities as well as agricultural sector, said a senior central bank official on Wednesday.
Nguon Sokha, director general of National Bank of Cambodia (NBC), the regulator for the country’s banking industry, said that the accumulative loans at all commercial banks have reached 3.45 billion U.S. dollars by the end of March this year, up 4.2 percent from 3.31 billion U.S. dollars at the end of December last year.
While the accumulative deposits rose to 4.09 billion U.S. dollars, up 3.3 percent from 3.96 billion U.S. dollars.
“The growth reflected better business activities after they had been impacted by the global financial crisis in 2008 and 2009,” she said, projecting that the industry will grow two digits this year in terms of loans and deposits.
Besides these, the industry has seen new development as Bank of China has officially launched in Cambodian market earlier this month.
“The presence of this huge bank in Cambodia is not only bringing new source of capital into Cambodia, but also helping develop the industry in terms of new banking technology and innovative products,” she added.
Foreign Trade Bank of Cambodia reported Wednesday that its total deposits grow by 29 percent during the first three months of this year to 296 million U.S. dollars, and gross loans increase by 38 percent to 145 million U.S. dollars.
“Our loans are mainly granted to service industry, agriculture and micro-finance institutions,” said the bank’s general manager Gui Anvanith.
“We have increased our exposure to the agribusiness sector since we believe that this sector will continue to experience sustainable growth in light of better access to international markets as well as stronger government support,” he said.
Currently, the country has 30 commercial banks with some 1.35 million people using their services. Enditem (Nguon Sovan)
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