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Prime Minister Hun Manet Emphasizes Vital Role of Banking Sector

  • Posted Dec 20, 2023 13:51 by Hun Sirivadh
  • 2390
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Phnom Penh: Prime Minister Hun Manet drew an analogy between the banking sector and the human heart, emphasizing its crucial role during the inauguration ceremony of Wing Bank on December 20, 2023.

In his address, Prime Minister Hun Manet highlighted the significance of the banking sector in supporting the economy and national development through the facilitation of mobility, cash flow, and distribution, likening it to the human heart that pumps blood to nourish the body's organs.

"Banks, like the heart, collect and circulate resources. If the heart functions poorly, it impacts our health. Likewise, the banking sector plays an essential role," he stated.

He emphasized that banks must maintain clear control over mechanisms for cash flow transfer and mobilization. He commended the banking sector for its contributions to Cambodians through services such as money transfers, utility bill payments, and participation in social assistance programs.

In response to these contributions, the Royal Government has introduced the Cambodian Financial Technology Development Policy 2023-2028, aimed at fostering financial technology growth and enhancing competition within the banking sector.

The Prime Minister encouraged banks to expand their services, increase lending to micro, small, and medium-sized enterprises, and support the agricultural sector. Additionally, he urged banks and financial institutions to consider loan restructuring to aid the tourism sector. He also suggested that the National Bank ease certain regulations to allow banks and microfinance institutions to continue supporting businesses and the private sector effectively.

Highlighting the role of capital flow in a functioning economy, the Prime Minister stressed the importance of the banking system in facilitating this crucial function.

According to the National Bank of Cambodia's report for the first half of 2023, Cambodia currently boasts 59 commercial banks, 9 specialized banks, and 87 microfinance institutions, with assets totaling approximately $82.2 billion USD.

Prime Minister Hun Manet's remarks underscored the indispensable role of the banking sector in Cambodia's economic landscape and development.


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