Phnom Penh (FN), Nov 1 – According to the Banking Association of Cambodia’s report, as of September 2021, Cambodia’s deposits in banks and financial institutions amounted to USD 37 billion.

Speaking Monday at the Peace Palace, premier Hun Sen said the increase in deposits is due to people switching from using foreign banks to local banks instead and that the cash flow drives the kingdom’s economy.

"In the past, Cambodians often deposited money in foreign banks, now it is not possible to do so. Therefore, they deposit in domestic banks,” said the premier.

The National Bank of Cambodia has strengthened financial technology infrastructure, such as digital payment systems, which is utilized to provide convenience for remittance transactions between institutions.

At the same time, NBC will continue to strengthen cooperation with foreign banks to provide convenient banking services for Cambodian workers working overseas.
=FRESH NEWS