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Tag Archives: global financial crisis
USD 59.4 million in concessional loans granted by ADB
In response to fight against the global financial crisis, the amount of $59.4 million in concessional loans has been granted to Cambodia by Asian Development Bank (ADB). The money has been made available through the bank’s Asian Development Fund (ADF), which received a $400 million boost Tuesday as part of a much broader $3.4 billion … Continue reading
South Korea’s bank opened in Cambodia
Despite the global financial crisis has attacked South Korean investors in Cambodia, including real estate and construction industry, the KB Financial Group, which is the South Korean-based financial holding company, announced that Kookmin Bank PLC, the biggest lender in South Korea, opened its operation Thursday in Cambodia, buying a 51% share of Khmer Union Bank. … Continue reading
Banking on an economic crisis
EXACTLY one year after the subprime mortgage crisis first hit in the United States in July 2007, Cambodia’s central bank took measures to reduce liquidity in its undeveloped financial system by doubling reserve requirements from 8 percent to 16 percent. This move showed Phnom Penh was clearly out of sync with the world’s major financial … Continue reading
Retailer confidence rock bottom, new survey finds
CAMBODIAN retailers have been hit hard by the global economic crisis, but more than half expected conditions to improve over the next six months, a survey of retailer confidence released today by Indochina Research shows. The company’s second-quarter I-TRAK survey questioned 600 retailers in Phnom Penh, the Lao capital Vientiane, and Vietnam’s two major cities, … Continue reading
Central bank to loan US$ 100 million to commercial banks
After break-out of the global financial crisis, the national bank of Cambodia (NBC) has set up an approximately US$ 100 million loan for commercial banks to make sure that they will have cash on hand if needed. The central bank is ready to be careful with this issue, keeping a close eye on the banking … Continue reading
From a banking boom to financial hardship
Chan Kok Choy, executive director of Vattanac Bank, speaks to the Post about the onset of the financial crisis, the general outlook for 2009 and how his bank plans to respond. Has the crisis slowed Vattanac Bank’s progress? Do you plan to lay off staff or reduce recruitment to cut costs? The economic crisis has … Continue reading