The Settling of Payments Outside the Banking Systems in Cambodia Amounts to Up to US$800,000,000 – Tuesday, 27.1.2009

Posted on 27 January 2009. Filed under: Week 597 | Tags: , , , , , , , , , , , , , , , , , , , , |

The Mirror, Vol. 13, No. 597

“Phnom Penh: A report produced by the Australian & New Zealand Banking Group – ANZ – said that the settling of payments oustide of the banking systems in Cambodia amounts to up to US$800,000,000.

“A report published during the inauguration of the Wing Company [mobile phone banking – there is also a video explanation here] early this wekk said that at present, among more than 14 million Cambodian citizens, only 500,000 have bank accounts. The report added that so far, most citizens are settling their payments outside of the banking systems, with an annual amount of up to US$800,000,000.

“The director of the Sthapana Company, Mr. Bun Mony, said on the telephone on 24 January 2009 that he has never surveyed this field, but he is aware that so far the settling of payments outside of the banking systems is the usual habit of most Cambodian people.

“He went on to say, ‘I do not dare to confirm this number to be correct, but I think that the settling of payments outside of the banking systems is the culture of settling money affairs for most Cambodian citizens.’

“He added that this habit or culture should be changed, and people should start to think about settling payments through the banking systems, a public system, because this can bring a lot of benefits to the national economy.

“He continued to say, ‘If all citizens stop to hide their money under their mattresses and put it into the banks, the money will be gathered in one place; therefore, it is easy for transferring and using it for different commercial activities, and our state does not have always to think about printing new paper money.’

“He said also that keeping money under the mattress does not bring any benefit, and it might even face many hazards, but if one puts money into the bank, it is safe and brings benefit in the form of interest, and banks can use that money as loan capital to people who need it.” Rasmei Kampuchea, Vol.17, #4805, 27.1.2009

Newspapers Appearing on the Newsstand:
Tuesday, 27 January 2009

Kampuchea Thmey, Vol.8, #1857, 27.1.2009

  • It Is Said that there Was an Intervention to Release a [Kompong Chhnang] Police Chief’s Son who Drove a Toyota Lexus and Hit a Man and a [6-months-pregnant] Woman to Death [Pursat]
  • Switzerland Grants Swiss France 1 Million [approx. US$865,000] for Banteay Srey Temple Maintenance
  • Two Died and One Was Wounded in a Traffic Accident Ahead of the Chinese New Year [Banteay Meanchey]
  • A Ferry Sank in the Sea of Vietnam – 40 People Drowned [mostly women and children; the ferry was overloaded]

Koh Santepheap, Vol.42, #6562, 27.1.2009

  • Siamese [Thai] Soldiers Came into a Prohibited Region near the Ta Moan Thom Temple, One Stepped on a Mine Loosing a Leg [Oddar Meanchey – it is not clear whether the designation of the area is mutually agreed or a uniletral Cambodian declaration]
  • Villagers Struggle for a Solution from the Provincial Court while the Authorities Promised to Solve Their Demand [to release their representatives who were arrested over a land dispute] on 29 January 2009 [Siem Reap]
  • Chargé d’Affaires of the Embassy of the Socialist Republic of Vietnam Visits Patients at the Bopha Meas Clinic [cf. Khmer Sthapana, Vol.2, #189, 22.1.2009: “If It Keeps Working, It Is against the Punishment Imposed; therefore It Is Better to Close It” – the Bopha Meas Clinic was ordered to be closed by the Ministry of Health, for violating the ban for private hospitals to use their own ambulance cars to transport patients; several expert doctors of this clinic are from Vietnam]
  • The Construction of a Bridge Connecting [Sihanoukville to] Koh Puos Island Will Be Completed within 14 More Months

Rasmei Kampuchea, Vol.17, #4805, 27.1.2009

  • The Settling of Payments Outside the Banking Systems in Cambodia Amounts to Up to US$800,000,000
  • Cambodia and Thailand Agree to Speed Up Border Negotiations; Joint Border Committees Will Meet on 2 and 4 February 2009; Thai Minister of Defense Will Arrive in Cambodia on 6 February 2009 to Discuss Troop Withdrawal
  • Evicted Former Dey Krahom Residents Protest at the National Assembly
  • Five Brutal Teenage Boys Raped a Woman [all of them were arrested – Baray, Kompong Thom]
  • During the Night of the Chinese New Year, There Were 38 Traffic Accidents in Phnom Penh, Killing Five People and Seriously Injuring Many
  • A Kompong Chhnang Veterinary Doctor Complained about Difficulties to Check Pigs Imported from Thailand [before they are brought into Phnom Penh, because some pig importing merchants do not obey policies and instructions of the Ministry of Agriculture, Forestry, and Fishery, and some at points of entry at the border do not work competently]

Have a look at the last editorial – you can access it directly from the main page of the Mirror.

And please recommend us also to your colleagues and friends.

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2 Responses to “The Settling of Payments Outside the Banking Systems in Cambodia Amounts to Up to US$800,000,000 – Tuesday, 27.1.2009”

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I am highly upholding the idea of putting money in bank and acknowleging the benefits gaining from money circulation, however, in order to change Cambodian people mindset, the reasons behind that they want to keep thier money by their own should be find out and settle down, for example, they probably be afraid of political unstability, the trustworthy of banking system in Cambodia, and thing like that.

Until now, there are not so much Cambodian people to trust the Banking system, even though the banking sectors are growing in the last decades. Most people like to hide their money under the pillow and pockets rather than in banks because they are afraid of bankruptcy of banks. What is important is that government have to strengthen confidence of bank sectors. if Cambodian people stop hiding their money in the mattresses, money in the banks will increase the Cambodian economy.


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