Cooperation between Cambodia-Thailand Central Banks Lauded

Phnom Penh, October 05, 2023 --

Cambodia and Thailand have lauded the good cooperation between their central banks, contributing to facilitate trade, investment, and tourism between the two countries, while promoting the use of local currencies.

The remarks were made in a meeting held here on Oct. 4 between H.E Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC) and H.E. Cherdkiat Atthakor, Ambassador of Thailand to Cambodia.

Cooperation between the NBC and the Bank of Thailand has been made in various areas, such as exchanging visits, sharing professional experiences, providing scholarships for NBC’s officials to pursue higher education in Thailand, and promoting cross-border payment system connectivity, H.E Dr. Chea Serey said.

The NBC governor also highlighted the successful integration of cross-border payment and remittance systems between Cambodia and Thailand, making Thailand the first country to achieve this milestone in Cambodia.

"This integration has significantly supported trade, investment, and tourism between the two countries, while also promoting the use of local currencies in the market, aligning with the goals of the ASEAN Economic Community," she explained.

H.E. Dr. Chea Serey, presented two new initiatives aimed at strengthening cooperation between Cambodia and Thailand, stressing that the two central banks are planning to launch the remittance system for Cambodian migrant workers in Thailand by 2024.

“This initiative aims to ensure secure, fast, and cost-effective transfers to their families in Cambodia. And the cooperation in sharing consumer credit information may require more time to be fully implemented,” she said.

Some 1.22 million Cambodian migrant workers have been working in Thailand, pointed out the Ministry of Labour and Vocational Training’s 2022 report.

The most frequently used method to send money home was through an informal agent, according to the International Labour Organisation’s report. Other methods included through a relative, friend, own carry, a bank or through the employers.

H.E. Cherdkiat Atthakor took the opportunity to express his support and commitment to strengthening collaboration between the two central banks.

"These endeavours have not only strengthened Cambodia's banking and financial system but have also significantly enhanced the cooperation between the two countries, particularly in the financial field," said the ambassador.

Given the rapid development of the financial sectors in both countries, H.E. Dr. Chea Serey expressed optimism that the central banks of Cambodia and Thailand will continue to expand their cooperation in the future.