PM Calls On Cambodians Not To Panic Over U.S. Bank Failures

date_range 16-Mar-2023
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Phnom Penh, March 16, 2023 --

Samdech Akka Moha Sena Padei Techo Hun Sen, Prime Minister of the Kingdom of Cambodia, this morning appealed to the public not to get into panic after some large banks in the U.S. have recently collapsed.

“Panic may deprive us of benefits and may lead to risks and chaos in Cambodia’s financial sector,” underlined Samdech Techo Hun Sen while presiding over the graduation ceremony of 4,566 students of Build Bright University at Koh Pich Convention and Exhibition Centre in Phnom Penh.

“It is not the first time. We faced similar challenge twice, in 1997 and 2008,” he added. “The problem in the U.S. does not affect Cambodia, and for the U.S. itself, there is little impact. It is a recurring crisis and there is nothing to fear.”

The Premier called on the citizens to have trust on the banks in Cambodia and on the Royal Government, stressing, “we have enough reserves.”

At least three U.S. banks – Signature Bank, Silicon Valley Bank, Silvergate Bank – collapsed this month.