The apex body for the nation’s microfinance industry announced yesterday that the central bank had tentatively agreed to a number of measures it had requested to ease the burden on microfinance lenders following last week’s unilateral decision to cap annual interest rates at 18 percent as of April 1.
A municipal spokesman responded yesterday to local media claims that Phnom Penh’s governor was considering issuing an order to remove stand-alone ATMs from public areas across the capital, clarifying that the governor had only called for financial institutions to provide better security measures at these locations.
The National Bank of Cambodia (NBC) announced yesterday that no financial institutions expressed interest in its sixth liquidity-providing collateralised operation (LPCO), marking the first time the repo auction was held without attracting any bidders.
Hong Kong financial giant The Bank of East Asia and Sri Lanka’s LOLC announced on Friday that they have jointly acquired a majority stake in Prasac Microfinance, Cambodia’s largest microfinance institution (MFI) by assets, in what could be the largest acquisition of a Cambodian lender to date.
Since the central bank issued a decree on Monday that it will cap microfinance interest rates at 18 percent next month, questions have swirled around whether the revised annual rate would also apply to existing loans, while banking experts have said there would be little they could do to stop borrowers from restructuring or refinancing their loans at the lower rate.
The National Bank of Cambodia will hold its sixth liquidity-providing collateralised operation (LPCO) on March 21 with 40 billion riel ($9.89 million) available to Cambodian financial institutions in need of liquidity, it said in a press release
The International Finance Corporation (IFC) launched a corporate governance initiative yesterday aimed at enhancing the efficiency of Cambodia’s private sector to strengthen the business climate and spur foreign investment and job creation, it said in a release.
ANZ Royal Bank opened a dedicated home loan branch in the capital yesterday to serve customers looking to simplify the process of obtaining home loans, the company said in a press release.
Cambodian and Thai commerce officials met yesterday in Phnom Penh for the 6th Joint Trade Committee (JTC) meeting between the two countries, according to a government press release.
Thailand-based insurance broker TQM plans to expand its service into Cambodia next year as part of a regional expansion aimed at maintaining the company’s double-digit annual business growth, according to Thai media reports.