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Cambodia > Finance

GDT now allows you to pay the tax man online

21/11/2017 07:54 | 0 comments

The General Department of Taxation (GDT) announced yesterday that it has officially launched an e-payment platform that allows individual and corporate taxpayers to pay their obligations online and directly through bank accounts, a move that businesses in the Kingdom hope will trim waiting periods.

Cambodia > Finance

NBC gives banks, MFIs greenlight to issue bonds

20/11/2017 15:27 | 0 comments

The National Bank of Cambodia (NBC) announced on Friday that local banks and microfinance institutions (MFIs) can now issue corporate bonds or list equity securities on the nascent Cambodian stock market, a move industry insiders claim will help financial institutions raise capital and be less reliant on foreign borrowing.

Cambodia > Finance

MFI lenders hedge safer bets after limit on rate of interest

16/11/2017 08:28 | 0 comments

The number of borrowers from microfinance institutions (MFIs) decreased by 5 percent during the third quarter of this year compared to the same period last year, a trend that industry insiders claim is due to operators attempting to strengthen the quality of their loans and to the impact of the 18 percent interest rate cap.

Cambodia > Finance

Microfinance lenders see the amount of borrowers decrease in Q3

16/11/2017 08:21 | 0 comments

The number of borrowers from microfinance institutions (MFIs) decreased by 5 percent during the third quarter of this year compared to the same period last year, a trend that industry insiders claim is due to operators attempting to strengthen the quality of their loans and to the impact of the 18 percent interest rate cap.

Cambodia > Finance

NBC brings in $500K at latest liquidity auction

16/11/2017 08:16 | 0 comments

The National Bank of Cambodia yesterday held its 14th liquidity-providing collateralised operation, making 20 billion riel ($4.5 million) available to financial institutions in an auction in which repurchase agreements, or repos, were signed for 2 billion riel ($500,000).

Cambodia > Finance

Government reduces tax load on MFIs receiving money from abroad

15/11/2017 08:01 | 0 comments

The Ministry of Economy and Finance (MEF) recently decided to shrink the tax burden for local microfinance institutions (MFIs) by lowering withholding tax on interest from loans acquired from abroad from 14 to 10 percent, a move that the government claims will keep the massive sector sustainable.

Cambodia > Finance

Government plans to borrow $1.4B for 2018 national budget

30/10/2017 13:48 | 0 comments

The government plans to borrow an additional 1 billion through Special Drawing Rights (SDR), or $1.4 billion, to meet its planned budget for next year, bringing the total national debt to $7.6 billion by the end of 2018 compared to the current level of $6.2 billion as of June, according to a draft of the 2018 national budget released on Friday.

Cambodia > Finance

Yuan use gains traction as trade link with China grows

25/10/2017 08:10 | 0 comments

With trade and investment between Cambodia and China steadily increasing, Chinese currency-backed settlements for cross-border commerce have sharply taken off as the Kingdom continues to deepen its economic dependency on the northern giant, a central bank official said yesterday.

Cambodia > Finance

NBC tests mechanism to link Kingdom’s major banks

24/10/2017 08:32 | 0 comments

The central bank officially held a soft launch last Friday for its central shared switch mechanism, which connects account records of three of the Kingdom’s leading financial institutions, allowing them to operate ATM and point-of-sale (POS) terminals in tandem.

Cambodia > Finance

Oz nonprofit buys stake in local startup Spean Luy

24/10/2017 08:31 | 0 comments

Australia’s Good Return, a nonprofit organisation that promotes financial inclusion and responsible lending, has purchased a 5 percent stake in Spean Luy, a startup online platform that allows users to compare interest rates offered on loan products across various Cambodian lenders.

 
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