2025-02-18
The National Bank of Cambodia and the Central Bank of Madagascar signed a Memorandum of Understanding in Phnom Penh on 18 February 2025 on the cooperation between the two central banks.
The bilateral Memorandum of Understanding was signed by Her Excellency Dr. cheaserey, Governor of the National Bank of Cambodia, and His Excellency Hon. Aivo H. Andrianarivelo, Governor of the Central Bank of Madagascar. At the signing ceremony, which was attended by senior officials from both central banks, H.E. Hon. Aivo H. Andrianarivelo, Governor of the Central Bank of Madagascar, praised the development of the Cambodian economy and banking system, especially the payment system and the accumulation of international reserves. His Excellency also expressed optimism for the cooperation with the National Bank of Cambodia, which will bring mutual economic and social benefits.
In response, H.E. Governor Serey Chea, extended a warm welcome to the delegation from the Central Bank of Madagascar, who expressed willingness to understand the National Bank of Cambodia’s central bank operating systems, most notably the Bakong payment system. She also expressed her determination to further enhance bilateral cooperation.
In addition, the Governor also highlighted the progress of the National Bank of Cambodia. The exceptional development of the Bakong system and the establishment of cross-border payment connectivity have led many countries to visit and garner knowledge regarding the implementation of the systems. She also conveyed her expectations of future cross-border payment system connections with Madagascar.
