NBC reports strong external position as NFAs reach $25.5B

NBC reports strong external position as NFAs reach $25.5B

The Central Bank Survey highlights robust growth in net foreign assets, a stable monetary base, and prudent coordination between fiscal and monetary authorities amid a complex global environment.

The National Bank of Cambodia (NBC) has reported continued strength in the Kingdom’s monetary and financial position, with net foreign assets (NFAs) reaching 104,364 billion riel (around $25.5 billion) in May 2026, according to its latest survey.

In a survey put out on NBC’s official website on June 30, the ‘Central Bank Survey’ highlighted robust growth in NFA, a stable monetary base, and prudent coordination between fiscal and monetary authorities amid a complex global environment.

According to the Monetary and Financial Statistics (MFS) compiled by the NBC’s statistics department, net foreign assets reached 104,364 billion riels at the end of May, equivalent to approximately $25.5 billion at prevailing exchange rates.

The figure reflected the central bank’s strong external position, supported by accumulated reserves from export performance, a gradual tourism recovery and continued foreign investment inflows.

The survey follows the Monetary and Financial Statistics Manual and Compilation Guide (MFSMCG) of the International Monetary Fund (IMF), ensuring international comparability and providing a comprehensive snapshot of the NBC’s balance sheet and its financial linkages with the broader economy.

Net foreign assets, defined as claims on non-residents minus liabilities to non-residents, have remained on a steady upward trajectory. Over the past 12 months, the indicator expanded by around 6.3 percent, extending a multi-year growth trend.

Claims on non-residents stood at around 105,759 billion riels (approximately $26.4 billion), representing external assets held by the central bank abroad, while liabilities remained contained.

The strong external position continued to serve as a key buffer for the economy, supporting exchange rate stability, reinforcing confidence in the dual-currency system, and helping shield the economy from external shocks such as commodity price volatility and geopolitical tensions.

NBC’s active management of foreign assets has played a key role in maintaining macroeconomic stability amid shifting global interest rates and trade conditions, supporting exchange rate stability, investor confidence and overall resilience of the economic climate.

The monetary base, comprising currency in circulation and reserves held by other depository corporations at NBC, rose to 61,469 billion riels, an equivalent of $15.4 billion in May 2026.

Currency in circulation continued to expand in line with economic activity, reflecting stronger demand for both riel and US dollar cash amid rising consumption and business transactions.

The expansion of the monetary base supports broader money supply growth and facilitates credit expansion to the private sector. However, the NBC continues to stress careful liquidity management to prevent inflationary pressures, as the monetary base remains a key driver of the money multiplier process in the financial system.

The survey also shows persistently negative net claims on the government, recorded at approximately -15,645 billion riels, indicating that government deposits at the NBC continue to exceed outstanding borrowing from the central bank.

This position reflects disciplined fiscal management, strong revenue collection and limited reliance on central bank financing. It also helps anchor inflation expectations and reinforces the credibility of Cambodia’s monetary policy framework.

Claims on other depository corporations, including commercial banks and microfinance deposit-taking institutions, remained supportive of system-wide liquidity, ensuring stable financial intermediation.

Other balance sheet components, including claims on other sectors and residual items, further illustrated the NBC’s overall financial health and operational stability, indicating prudent balance sheet management and the central bank’s capacity to support a resilient financial system.

The data series provides a long-term view of Cambodia’s financial sector evolution, tracing its transformation from post-conflict recovery to a more modern and digitised monetary system, reflecting decades of financial reforms, institutional development and strengthening economic resilience.

Cambodia’s broader economy continues to be supported by key sectors such as garments, tourism, construction and agriculture. The strong external position aligned with ongoing efforts to promote greater use of the riel currency while maintaining stability in a highly dollarised economy.

The NBC has continued implementing liquidity management tools, reserve requirements, and digital payment initiatives to support financial inclusion and macroeconomic stability.

The survey forms part of the NBC’s regular statistical releases published in its monthly Economic & Monetary Statistics Bulletin, ensuring transparency and alignment with international statistical standards.

As Cambodia advances toward its upper-middle-income development goals, NBC is expected to maintain a careful balance between supporting economic growth and preserving financial and price stability while strengthening resilience against evolving domestic and global economic challenges.

The Central Bank Survey and accompanying metadata are available on the NBC official website, providing detailed sectoral breakdowns, statistical methodologies and explanatory notes to support policymakers, researchers, investors and the public in analysing Cambodia’s monetary and financial developments.

The latest figures reinforced the Kingdom’s macroeconomic stability, underpinned by strong external buffers and a steadily expanding monetary base, positioning the economy to navigate the remainder of 2026 with resilience.

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