39th ASEAN bankers' council meeting held in Cambodia

November 20, 2009

(Posted by CAAI News Media)

Senior officials from ASEAN nations' national and private banks gathered here on Friday to attend the 39th ASEAN banking council meeting.

The annual bankers' meeting focused on how to speed up the process of the integration of ASEAN financial services by 2015, and discussed on the cooperation in finance, investment, education and ASEAN inter-regional relations.

"The close cooperation among ASEAN banks will certainly help to speed up the process of the integration of ASEAN financial services by 2015," Neav Chanthana, deputy governor of the Central National Bank of Cambodia, said in her keynote address at the two-day meeting.

"Due to increasing regional integration, the banking industry and banking supervisors share a number of convergent priorities," She stressed, adding that "I am rather optimistic that rational dialog based on responsible and knowledgeable positions, between people acting professionally, is always a source of progress in the banking industry to support economic growth," she added.

As a member of the Association of Southeast Asian Nations (ASEAN), Cambodia enjoyed double digit economic growth over the past decade. In 2009, however, Cambodia is severely hit by the global financial crisis through the real sector, namely garments, construction, and tourism which had been the driving forces of Cambodian economy.

Neav Chanthana said that national bank of Cambodia will carefully follow the international developments and consider implementation in a progressive manner and in line with domestic market developments and priorities.

Phung Kheav Se, chairman of Association of Banks in Cambodia, said at the meeting that "Our close association with the ASEAN organization and with its member countries has been of enormous benefit to Cambodia in many respects economic, social and political."

According to a report from Association of Banks in Cambodia, Cambodia has six specialized banks and commercial banks and 20 microfinance institutions as its members.

Founded in 1967, the ASEAN (the Association of Southeast Asia Nations) groups Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Vietnam.

Source: Xinhua