via CAAI News Media
PHNOM PENH, Feb 08, 2010 (Xinhua via COMTEX) -- Cambodia's banking sector which was dead and paralyzed for several decades is now recovering well with enlargement growth, according to a government's report released on Monday.
Currently, there are 27 commercial banks, six specialize banks, and 20 micro financing institutions, the report said.
Compared to 2008, the banking and financial institutions was on better growth with 3.8 percent increase in loans as it represented from 10,905.7 trillion riel (about 27.2 million U.S. dollars) to 11,317.7 trillion riel (about 28.2 million U.S. dollars) in 2009.
The report also showed that the number of banks' clients increased 9.4 percent from 1,082,204 in 2008 to 1,184,042 in 2009.
The deposit also increased 32.7 percent as it rose from 10,313 trillion riel (about 25.7 million U.S. dollars) to 13,685 trillion riel (about 34.2 million U.S. dollars).
On the automatic transferring machine, known as ATM which was introduced to Cambodia several years ago has reached 371 across the country.
After the country had met a few decades of civil war, many Cambodians do not trust the banking system and they prefer to keep their money under the pillows or coffers at home, but recently, the concept of the people have changed.
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