PHNOM PENH, Dec. 25 (Xinhua) -- Cambodia's banking and financial institutions had reported slow growth in lending during the first 10 months of 2024, said a National Bank of Cambodia (NBC)'s news release on Wednesday.
Outstanding loans increased by 2.2 percent year-on-year to 60.9 billion U.S. dollars by October this year, the news release said, adding that the growth was primarily driven by the increase in lending to key sectors, including wholesale and retail trade, construction, real estate, agriculture, manufacturing, hotels, and restaurants among others.
"Credit serves as an important source of fund for consumers and enterprises, enabling them to expand their businesses and plays a vital role in supporting economic activities, creating jobs, and enhancing productivity," the news release said.
NBC Governor Chea Serey has said that the growth reflected the confidence of the public and investors in the banks and financial institutions in the kingdom.
"The NBC will continue to maintain price and financial stability, as well as to strengthen its role as a catalyst in supporting Cambodia's sustainable and inclusive socio-economic development," she said.
World Bank senior country economist Ly Sodeth has said that credit growth had slowed down in Cambodia due to "weak demand and a slump in the property sector".
The Southeast Asian country currently has 59 commercial banks, nine specialized banks, 87 microfinance institutions, and 115 rural credit institutions, with about 21.3 million deposit accounts and 4 million credit accounts, according to the NBC. ■
