International Institutions’ Congratulation Messages to NBC’s Governor Reflect Trust and Confidence to Cambodia’s Banking System

date_range 25-Aug-2023
visibility 7

Phnom Penh, August 25, 2023 --

H.E. Dr. Chea Serey receiving congratulation messages from international financial institutions and central banks over her appointment as Governor General of the National Bank of Cambodia (NBC), has reflected the trust and confidence that the national and international community have in her abilities, in further develop the Cambodian banking system and continue to enhance financial cooperation at both the regional and international levels.

The International Monetary Fund (IMF), the European Central Bank (ECB), and international payment technology companies such as Visa and Mastercard have all sent messages of support to H.E Dr. Chea Serey, who is the first Cambodian woman to be appointed to this important position.

"I am truly honoured to see a highly qualified woman leading the Central Bank in your country and I look forward to continuing the very good relations and collaboration between our institutions,” said European Central Bank President Christine Lagarde in a congratulatory message.

The IMF’s executive director Yati Kurniati also expressed congratulations, saying that she "look forward to continuing the close cooperation with the National Bank of Cambodia” under the leadership of H.E. Dr. Chea Serey.

In addition to these international institutions, the central banks of many countries, including the Central Bank of Luxembourg, the Bank of Japan, the Bank of Korea, and the Monetary Authority of Singapore, have also congratulated NBC’s governor.

They have praised her outstanding leadership and clear vision for the future development of the Cambodian banking sector.

The Asian Development Bank (ADB) has also reiterated its willingness to continue "close cooperation" with the NBC, while the ASEAN+3 Macroeconomic Research Office (AMRO) has praised Cambodia’s central bank chief’s many initiatives, calling them "invaluable" contributions to the growth of Cambodia's economy and the strengthening of regional financial cooperation.

H.E. Dr. Chea Serey has also received congratulations and wishes from the Ministries, Institutions of the Royal Government, embassy and foreign missions in Cambodia, banking and financial institutions, associations in the financial sector, and many other institutions operating in Cambodia.

She was appointed as NBC governor following her promotion to deputy governor from central bank director-general in March.

She also organised the development of NBC’s Bakong interbank transaction system and a new generation of blockchain-driven payment solutions.

She, 42, graduated with a Master's Degree in Banking from the SOAS University of London in Britain in 2010 and earned a Doctor of Philosophy (Ph.D.) in economics from the University of Adelaide, Australia, in 2021. She has worked at the NBC since 1999.

Cambodia’s banking industry’s outstanding loans rose by 21.7 percent year-on-year to US$56 billion as of last year, while customers’ deposits increased by 15.3 percent to US$45 billion, the central bank’s report said.

The country has 58 commercial banks, nine specialised banks, and 86 microfinance institutions, with a total of 2,614 headquarters and branches as well as 3,998 ATMs.