Phnom Penh: National Bank of Cambodia and Central Bank of Madagascar Sign Cooperation Agreement

The National Bank of Cambodia (NBC) and the Central Bank of Madagascar (CBM) signed a Memorandum of Understanding (MoU) in Phnom Penh on 18 February 2025, formalizing a framework for bilateral cooperation between the two central banks.

The MoU was signed by Mrs. Dr. Chea Serey, Governor of the National Bank of Cambodia, and Mr. Hon. Aivo H. Andrianarivelo, Governor of the Central Bank of Madagascar. The signing ceremony, attended by senior officials from both institutions, marked a significant step in fostering stronger economic and financial ties.

During the event, Mr.  Andrianarivelo praised Cambodia’s economic growth, particularly in the areas of banking, payment systems, and international reserve accumulation. He expressed optimism about the potential for the new partnership to bring mutual benefits to both nations, both economically and socially.

In her remarks, Governor Mrs. Dr. Chea Serey welcomed the CBM delegation and acknowledged their interest in learning about Cambodia’s central banking system, with a focus on the Bakong payment system. She also emphasized her commitment to enhancing bilateral cooperation and strengthening ties between the two institutions.

Additionally, Mrs. Dr. Chea Serey updated Governor Andrianarivelo on the progress made by the National Bank of Cambodia, highlighting how countries worldwide have been seeking to learn from Cambodia’s experience with developing the Bakong system. She expressed hope that this collaboration could eventually lead to the integration of cross-border payment systems between Cambodia and Madagascar.