In the last decade, it is because of sustainability of politics and economics, Cambodian people feel confidence of Cambodian banking sector, and they dare to deposit their money at banks, not keep it in home as before. Public confidence in Cambodia’s banking sector is growing and has managed to withstand the onslaught from the global economic crisis.
National Bank of Cambodia’s Director General said at a roundtable discussion on banks and public confidence which was organized by the Club of Cambodian Journalist that the number of deposit at banks was up to almost 29 percent of grow domestic products in 2008, from just 14 percent in 2000.
By the way, the public confidence in the banking sector and financial system is reflected through the increase in deposits, credit and total assets of the banking sector. In 2008, there were only 4 percent of deposits to more than US$6 billion, compared to 76 percent growth in 2007.
The global financial crisis strongly hit banks. According to the NBC’s report, total bank assets in Cambodia increase by a third to US$2.4 billion.
Although the Cambodian economy is free and open to the rest of the world, the Cambodian banking system did not directly suffer from the consequences of the financial crisis.