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Tag Archives: Financial crisis
Bad Loans on the Rise, Central Bank Warns
Cambodia’s banking sector will not be able to avoid further consequences from the global economic downturn, with non-performing loans increasing, the National Bank’s director- told a workshop last week. “For us, the economic crisis affected garment export, tourism, construction and real estate,” said Director-General Tal Nay Im said at a workshop on the nation’s banking … Continue reading
Moody upheld Acleda bank rating
On Friday, 19 June, 2009, Moody, US-based global credit risk agency, confirmed in its statement that it has kept up the bank’s previous ratings mainly due to the role of Acleda’s shareholders, have has long-term focus and have demonstrated their support to the bank by providing equity and debt financing since its inception. According to … Continue reading
Central Bank Sees No Emergency Loan Requests
Not a single lending institution in six months has taken the National Bank up on an offer of emergency loan assistance, officials said Friday. Emergency loans are available to banks facing liquidity constraints in the wake of the global financial crisis, but so far “none of the banks have applied for a loan,” according to … Continue reading
New MFI to issue property loans
WHILE most banks remain reluctant to provide real estate loans to customers amid the global financial downturn, a new microfinance institution set to launch June 8 says it will channel lending to house purchases and construction. “For the first time, home financing will be available to middle- and lower-income Cambodians,” Talmage Payne, CEO of newcomer … Continue reading
Financial lease law passed by National Assembly
On Wednesday, May 27, 2009, the National Assembly passed unanimously the draft law on financial lease that is allow banks to issue leases for equipment, machinery and vehicles to business and enterprises in the wake of the global financial crisis. This law does not apply to land or real estate. Chea Chanto, governor of the … Continue reading
Indian bank opened its branch in Cambodia
Despite the global financial crisis, the new Indian bank still starts operating its door in Cambodia following the South Korean bank-Kookmin- operated in Phnom Penh in the earlier this month. The opening of the bank of India is part of a growing interest from foreign banks that have sought to invest in the Cambodian economy, … Continue reading
