2016-09-16
Phnom Penh, 16 September 2016
Outcome of the Meeting
Between the National Bank of Cambodia (NBC), the Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association (CMA)
To contribute to supporting Cambodia government policy on agricultural sector development as well as to participate in taking measures responding to the current declining price of agricultural products, particularly paddy and rice, the National Bank of Cambodia, on 16 September 2016, has convinced for a meeting with the Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association (CMA) to discuss the recent situation and seek appropriate solutions for affected farmers.
In overall, banks and financial institutions have been closely monitoring the provision of loans to agricultural sector and have been actively involved in supporting the development of this sector, particularly paddy and rice, through loans extending to farmers and rice millers.
As a supervisory authority of the banking sector, the National Bank of Cambodia requested the Association of Banks in Cambodia (ABC) and the Cambodia Microfinance Association (CMA) to consider the followings:
1. Request all banks and financial institutions to consider continuing and expanding loans with affordable interest rate to agricultural sector, especially paddy and rice sector.
2. Request all banks and financial institution to consider providing more flexible repayment methods to vulnerable customers.
3. Request all banks and financial institutions to continue closely monitoring and communicating with vulnerable customers to find appropriate solutions.
4. Request all banks and financial institutions to continue implementing consumer protection mechanism based on international best practices.
In response, the ABC and CMA agreed to take these requests and disseminate among their members for implementation.
Email: nbccommunicationunit@nbc.org.kh
Telephone: 023 990 196
