Cambodia’s central bank will accept fixed-term deposits from local lenders, allowing them to earn interest on surplus cash while managing the country’s money supply, the National Bank of Cambodia (NBC) said in a statement last week.
“Placing deposits on a fixed term at the NBC will allow banking and financial institutions in Cambodia to gain interest determined by the NBC on the date of deposit,” the statement signed on September 15 by central bank director-general Chea Serey said.
Acleda Bank CEO In Channy said the rate of deposits in the banking sector was exceeding the growth of loan disbursements, creating a need for banks to manage excess cash. During the first eight months of this year, Acleda disbursed $1.7 billion in loans, a year-on-year increase of 17.6 percent. Deposits increased to $2.03 billion, up 23.2 percent, during this period.
“Individual banks can use [the NBC service] as a financial…instrument to manage their financial resources efficiently,” Mr. Channy said.
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