Wednesday, 28 January 2009

The Settling of Payments Outside the Banking Systems in Cambodia Amounts to Up to US$800,000,000 - Tuesday, 27.1.2009

Posted on 27 January 2009
The Mirror, Vol. 13, No. 597

“Phnom Penh: A report produced by the Australian & New Zealand Banking Group – ANZ – said that the settling of payments oustide of the banking systems in Cambodia amounts to up to US$800,000,000.

“A report published during the inauguration of the Wing Company [mobile phone banking – there is also a video explanation here] early this wekk said that at present, among more than 14 million Cambodian citizens, only 500,000 have bank accounts. The report added that so far, most citizens are settling their payments outside of the banking systems, with an annual amount of up to US$800,000,000.

“The director of the Sthapana Company, Mr. Bun Mony, said on the telephone on 24 January 2009 that he has never surveyed this field, but he is aware that so far the settling of payments outside of the banking systems is the usual habit of most Cambodian people.

“He went on to say, ‘I do not dare to confirm this number to be correct, but I think that the settling of payments outside of the banking systems is the culture of settling money affairs for most Cambodian citizens.’

“He added that this habit or culture should be changed, and people should start to think about settling payments through the banking systems, a public system, because this can bring a lot of benefits to the national economy.

“He continued to say, ‘If all citizens stop to hide their money under their mattresses and put it into the banks, the money will be gathered in one place; therefore, it is easy for transferring and using it for different commercial activities, and our state does not have always to think about printing new paper money.’

“He said also that keeping money under the mattress does not bring any benefit, and it might even face many hazards, but if one puts money into the bank, it is safe and brings benefit in the form of interest, and banks can use that money as loan capital to people who need it.”

Rasmei Kampuchea, Vol.17, #4805, 27.1.2009
Newspapers Appearing on the Newsstand:
Tuesday, 27 January 2009

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