Phnom Penh: Cambodia’s banking and financial institutions continued to see growth during the July-October period this year, with the country’s total credit reaching over $55 billion, a report by the central bank said.
The kingdom’s banking and financial institutions had provided approximately $55.6 billion in loans to customers as of October 2022, an increase of 8 per cent from $51.5 billion in June this year, the National Bank of Cambodia (NBC) report said.
Banks had lent $46.33 billion to their customers, while microfinance institutions had loaned $9.28 billion to their clients, Xinhua news agency quoted the report as saying.
The loans had been given to main sectors such as trade, housing, construction, agriculture, hotels and restaurants, and manufacturing, among others, it said.
NBC Governor Chea Chanto has said recently that the growth in loans truly reflected public confidence in the Southeast Asian kingdom’s banking and financial system.
He added that it also proved that all socio-economic activities have been fully resumed after most of the country’s 16-million population have been vaccinated against Covid-19.
“The strength of the banking and financial system has played an important role in absorbing part of the impact of the (Covid-19) crisis on the national economy and contributing to the sustainability of business activities, investment and consumption,” Chanto said.
Cambodia has 58 commercial banks, nine specialized banks, and 86 microfinance institutions, with a total of 2,614 headquarters and branches as well as 3,998 automated teller machines (ATMs) throughout the country, the NBC said.
There are currently some 3.5 million credit accounts and 13.2 million deposit accounts at the country’s banks and microfinance institutions, the bank added.
–IANS