The Association of Banks in Cambodia (ABC) and Cambodia Microfinance Association (CMA) on April 7 ordered members to adopt six measures of financial relief in light of the economic fallout and depressed incomes caused by the February 20 community transmission of Covid-19.
The government has allocated nearly $2 billion to stave off the spread of the novel coronavirus and to address the economic impact on key sectors through eight rounds of mitigation measures.
The business community has called on financial institutions (FI) to suspend principal and interest payments for a few months to share the burden with customers in light of the ongoing Covid-19 outbreak.
The Ministry of Economy and Finance on March 29 launched a $200 million credit guarantee scheme to provide small and medium-sized enterprises (SME) with larger loans and easier application procedures to ensure their businesses remain afloat during the ongoing Covid-19 crisis.
SBI LY HOUR Bank Plc, a joint-venture between LY HOUR Group and SBI Holdings Inc, on March 29 launched a newly renovated branch at the Central Commercial Zone.
Agriculture and Rural Development Bank of Cambodia (ARDB) expects to receive an additional $30 million from the government for special-purpose loans to keep the Kingdom’s smaller businesses afloat amid the ongoing economic duress of Covid-19, according to the state-owned bank’s director-general Kao Thach.
SBI LY HOUR Bank Plc, a joint-venture between LY HOUR Group and SBI Holdings Inc, launched its new branch on March 22 in the Central Commercial Zone.
Tax revenue from Cambodia’s casino industry cratered in 2020 as Covid-19 prompted the government to tighten entry restrictions, limiting the number of international visitors to the Kingdom, according to a Ministry of Economy and Finance senior official on March 21.
Cambodia continues to face a multitude of challenges as digital payments and solutions graduate from a niche business to a key segment in the Kingdom’s development strategy, according to National Bank of Cambodia (NBC) assistant governor Chea Serey on March 17.