3/7/2012Despite receiving applications from banks looking to enter Cambodia's market, the central bank has said it will offer no more commercial banking licenses as the market already has enough players. The decision appears to follow advice offered by the International Monetary Fund earlier this year that suggested a moratorium on new licenses. The IMF said that competition was already high enough in the sector, which now has 32 commercial banks and six specialized banks. “At the moment, we have a stricter policy on licensing new banks since it is not in the interest of the economy to have new institutions entering the banking sector at this time,” Nuon Sokha, director-general of the National Bank of Cambodia (NBC), said yesterday. “There are entities that have interest in Cambodia as a destination, but the authorities so far have not approved any applications now and will not for the near future.” [The Cambodia Daily]
សារព័ត៌មានជួយខ្មែរ
Tuesday, July 3, 2012
Central Bank Halts New Licenses – For Now
3/7/2012Despite receiving applications from banks looking to enter Cambodia's market, the central bank has said it will offer no more commercial banking licenses as the market already has enough players. The decision appears to follow advice offered by the International Monetary Fund earlier this year that suggested a moratorium on new licenses. The IMF said that competition was already high enough in the sector, which now has 32 commercial banks and six specialized banks. “At the moment, we have a stricter policy on licensing new banks since it is not in the interest of the economy to have new institutions entering the banking sector at this time,” Nuon Sokha, director-general of the National Bank of Cambodia (NBC), said yesterday. “There are entities that have interest in Cambodia as a destination, but the authorities so far have not approved any applications now and will not for the near future.” [The Cambodia Daily]
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