Siem Reap Times

Wednesday, May 01, 2024

Celebrating 30 Years of Growth: Association of Banks in Cambodia Marks Milestone Anniversary

Robust Evolution and Financial Inclusion Highlight Three Decades of Banking Sector Progress
The Association of Banks in Cambodia (ABC) commemorates its 30th anniversary, reflecting on a journey marked by consistent growth and strategic advancements within the Kingdom's banking sector. Guided by the National Bank of Cambodia (NBC), the sector has witnessed remarkable expansions in assets, credit, and deposits, indicating strengthened stability and economic integration.

In a significant milestone, Cambodia's banking sector recorded total assets of US$77.4 billion in 2023, showcasing a notable increase from US$67.9 billion in the previous year. This growth signifies 243% of the national GDP for 2023, up from 230% in 2022. Additionally, credit volume saw a rise, accounting for 163% of GDP in 2023 compared to 155% in 2022, while deposits surged to approximately 144% of GDP in 2023, up from 130% in the preceding year.
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