via Khmer NZ News Media
PHNOM PENH, June 8 (Bernama) -- The World Bank applauded Cambodia on Tuesday for a success in its financial industry, thanks to the national bank's regulations and standards, as well as close supervision, China's Xinhua news agency quoted World Bank Country Manager Qimiao Fan as saying.
He said the success of Cambodia's finance industry is proof that improving corporate governance works, as many Cambodia's commercial banks and micro-finance institutitions have raised their standards of corporate governance and been rewarded with greater investment.
Fan also forecasted that Cambodia will have a promising future with several number of sectors with strong growth potential, a young population with a lifetime of work ahead, a stable society, as well as a good geographic location close to much large markets in Asia.
Meanwhile, Governor of the National Bank of Cambodia Chea Chanto said the recent bad experience of the world financial crisis has taught Cambodia how the failure of bank and financial system can impact livelihoods.
"It is important that countries such as Cambodia take stock of this lesson and seek to avoid a repeat in our own banking and financial system," he said at the workshop titled "Corporate Governance for Banking and Financial Institutions."
Having learned from the Asian financial crisis, he said the national bank has taken a series of measures to better supervise and regulate the banking and financial system in the country.
"Banks have an overwhelmingly dominant position in the country's financial system, representing more than 90 percent and are extremely important engines of economic growth, citing they are the source of finance for the majority of firms," he explained.
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