PHNOM PENH: Banking and Financial Institutions in Cambodia have announced they are providing benefits and favor to clients who have been affected by severe flooding in the country. This announcement was made according to the conditions set by the National Bank of Cambodia.

According to a joint statement issued by Banking and Financial Institutions on Wednesday, 19 October, including members of the Banking Association of Cambodia and the Microfinance Association of Cambodia, these institutions will begin providing benefits to customers who have been affected by the recent severe flooding.

Preferential treatment will be given to impacted clients through credit restructuring under the conditions set by the National Bank of Cambodia.

The banking and financial institutions of Cambodia have also examined the possibility of reducing interest rates and other fees related to credit, and are also looking into waiving fines and halting the seizure of collateral, with a high understanding and tolerance for the difficult situation and circumstances faced by flood-impacted customers.

This decision from the banks and financial institutions was made after Prime Minister Hun Sen requested them on Monday, 17 October, to examine the possibility of providing concessions, delaying repayment and easing interest levels for people who have been badly affected by the floods. The two associations of the National Bank of Cambodia met and discussed these matters on Tuesday, 18 October, and released their official joint statement today.