Cambodian Banking Sector Recovered From The Crisis

Banking is among other Cambodian economic sectors that recover from the global financial crisis. Fund transfers through domestic banks have soared in 2011. The growth of transfer is due to the increase in business transactions locally or internationally. Three largest banks such as ACLEDA, Canadia, and ANZ Royal Bank reported fund transferred increased significantly.

The total transfer increased by 31% to US$1.4 billion in 2011 to the end of May. Meanwhile, the international transfer jumped 26% to US$400 million, an increase of 57% year-on-year, said So Phonnary, ACLEDA Vice President. Canadia reported a growth of 25% totaling to US$318 million within local transfer versus 12% jumped in international transfer to US$309 million, said Canadia Vice President Dieter BIllmeier. Lastly, according to CEO Stephen Higgin of ANZ Royal Bank, a joint venture between Royal Group and ANZ Bank highlighted that oversea transfer increased by 40% compared year on year.

The value increased to over US$1 billion. Broadly speaking, the world economic recovery increase both local and international business and the latter boosts fund transfers and finally led to the growth of banking sector in Cambodia.