The statement aims to support on the recent measures by the Government of Cambodia and the recommendations by the National Bank of Cambodia on 5th March 2020 to minimize the negative impact on the financial sector due to the outbreak of COVID-19.
ABC and CMA are calling for the support of the National Bank of Cambodia’s recommendations as listed below:
- Banks and financial institutions are encouraged to actively continue providing loans to priority sectors such as SMEs and business activities relating to hotel/guest house tourism, construction and garment/footwear.
- Exercise flexibility in dealing with issues about loan repayment of customers affected by the COVID -19.
- Continue to observe the COVID-19 outbreak and take necessary actions to protect the employees of banks/financial institutions and their clients to continue the reliability and sustainability of banking services.
ABC and CMA encourage all members including Banks, Micro Deposit-Taking Institutions, Microfinance Institutions, Leasing Institutions and Rural Credit Operators to fully implement the above recommendations.
Furthermore, the two associations have been working actively with the Ministry of Economy and Finance in collaboration with the Government of Cambodia to jointly cooperate with SME Bank to provide financing to small and medium-sized enterprises (SME) in the priority sectors with affordable interest rates.