Phnom Penh (FN), Oct. 10 – Prime Minister Hun Sen, recognizing the importance of monetary in promoting economic growth and strengthening economic resilient, have recommended five key recommendations for the National Bank of Cambodia to perform better, speaking Thursday at Chaktomuk Conference Hall on the occasion of the 40th Anniversary of the establishment of National Bank.
The five recommendations are as follows:
First, the National Bank of Cambodia, all ministries, institutions, private sectors and citizens, must continue to maintain a stable and reliable national currency through the widespread circulation of Khmer Riel to promote national identity and sovereignty; and to enhance effectiveness of monetary, fiscal, and financial policies. He also proposed for a long-term national policy aimed at promoting the use of Khmer Riel in a prudent, consistent, and market-based manner.
Second, the National Bank of Cambodia and all relevant institutions and stakeholders must continue to support and implement the Financial Sector Development Strategy 2016–2025 to support national economic growth, poverty reduction, and promotion of people’s livings in line with the Rectangular Strategy of the Royal Government.
Third, the National Bank of Cambodia and relevant institutions must continue to support the use of new technologies to modernize Cambodian financial services; and to monitor the risks of new technologies to maintain financial stability and development in Cambodia.
Fourth, the National Bank of Cambodia and relevant institutions must continue to promote financial literacy for the people and strengthen loan credits for those who are using financial services, especially in rural areas.
Fifth, the National Bank of Cambodia, Financial Intelligence Unit, Ministry of Economy and Finance, Anti-Corruption Unit, the Ministry of Interior, and Ministry of Justice must continue to cooperate closely to prevent money laundering and financing of terrorism on a timely manner to protect financial sector with transparency and good governance.
Prime Minister stated that through bank loans, Cambodian people have the opportunity to expand their business; have a better standard of living; and buy affordable housing, which are vitally contributing to socio-economic development and harmony of the nation.