National Bank of Cambodia (NBC) was established in December 23, 1954. After the country gained the independence from French Colony and after the Indochina Printing Institution was closed.
Its principal duty is to determine and direct the monetary policy aimed at maintaining price stability. Since the Cambodian economy is currently highly dollarized, the Central Bank is not in a position to play its role of lender-of-last-resort and to implement efficient monetary policy instruments regarding national currency. However, dollarization presents some advantages:
- It constitutes an incentive to attract foreign direct investments;
- Dollarization leads to stability and induces an effectively fixed exchange rate; and dollarization has reduced the harmful effects streaming from the financial crisis in Asia.
The other main duties of the Central Bank are:
- To formulate, implement and monitor exchange rate policy. It is a market based exchange rate policy in the framework of a liberal exchange system; and
- To license and supervise banks and financial institutions
International Finance Corporation (IFC) a member of the World Bank Group, is the largest global development institution focused exclusively on the private sector in developing countries.
Established in 1956, IFC is owned by 184 member countries, a group that collectively determines our policies. Our work in more than a 100 developing allows companies and financial institutions in emerging markets to create jobs, generate tax revenues, improve corporate governance and environmental performance, and contribute to their local communities.
IFC’s vision is that people should have the opportunity to escape poverty and improve their lives. www.ifc.org
- ASEAN Bankers Association (ABA), The ASEAN Bankers Association was founded in 1976. From the original five members, namely Indonesia, Malaysia, Philippines, Singapore and Thailand, it became six when Negara Brunei Darussalam joined as a member in 1984. In 1995, Vietnam was admitted into ASEAN as the seventh member and in May 1999, Cambodia was admitted as the eighth member. In July 2001, Myanmar was admitted as the ninth member. In 2004, Lao Bankers’ Association was admitted as the tenth member thus making the constituent membership of the Association complete. www.aseanbankers.org
Credit Bureau (Cambodia) Co., Ltd (CBC), The (CBC) is the leading provider of information, analytical tools and credit reporting services to organizations and consumers in the Kingdom of Cambodia.
The CBC assists the customers in managing the risk and reward of commercial and financial decisions. Using the comprehensive suite of credit reporting tools, The CBC fosters an understanding of individuals, markets and the Cambodian economy. The CBC helps organizations find, develop and manage customer relationships to make their businesses more profitable.
The CBC promotes greater financial stability by providing accurate real time data to consumers and industry that helps them control the financial aspects of their business. The CBC helps businesses in Cambodia to manage credit risk, prevent fraud and automate decision-making. The CBC also helps individuals in Cambodia to check their credit report to ensure they have access to loans and finance; we also help individual consumers protect themselves against identity theft. www.creditbureaucambodia.com