PHNOM PENH: The outstanding loans in Cambodia’s banking industry reached nearly US$56 billion by June this year, while banks’ deposits rose to more than US$44 billion, according to a report from the National Bank of Cambodia (NBC).

Banking institutions’ outstanding loans were recorded at more than US$46 billion, a 12 percent increase year-on-year, and outstanding loans at MFIs were US$9.7 billion, up 15 percent, read the report. Banking institutions received deposits of US$39 billion as of June 2023, up 6.4 percent compared to the same period last year while those at the MFIs were US$4.9 billion. The loans were allotted to key sectors such as trade, housing, construction, agriculture, hotels and restaurants and manufacturing, etc.

The banking industry has remained strong despite the uncertainty of global economic growth, NBC Governor H.E Chea Chanto said at a recapitulative meeting held on July 30-31 in Preah Sihanouk province. The growth in both loans and deposits truly reflected public confidence in the country’s banking system, he said.

“The banking industry remains robust and resilient, and it has continued to play an active role in supporting the Kingdom’s economic recovery in the post-COVID-19 pandemic era,” he said.

Cambodia has 59 commercial banks, nine specialized banks, and 87 microfinance institutions across the country, with 16.5 million deposit accounts and 3.8 million credit accounts, the report pointed out.

The Kingdom has also registered 20.2 million e-wallet accounts, with 30.3 million transactions worth US$89.7 billion during the January-June period this year.