National Bank of Cambodia

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National Bank of Cambodia
National Bank Cambodia.jpg
Headquarters Phnom Penh
founding December 23, 1954
president Chea chanto
country Cambodia
currency

Riel

Website

http://www.nbc.org.kh/english/index.php

List of central banks

The National Bank of Cambodia (NBC) ( Khmer ធនាគារជាតិនៃកម្ពុជា ), headquartered in Phnom Penh , is the central bank of Cambodia . It is responsible for monetary policy, the stock market, as well as for the regulation of banks and other financial institutions and for the national currency, the riel . After Cambodia declared its independence from France in 1953, the 'Indochina Printing Institution' was closed and in 1954 the National Bank, also known as the 'Red Bank', was founded.

history

  • 1954–1975:

The National Bank of Cambodia was established on December 23, 1954 after Cambodia declared independence from France. The National Bank has since printed its own national currency, the Riel, and thus severed the alliance with Vietnam and Laos that was created at the time of the colonization of France. At the same time, a free banking system developed in Cambodia, with state and private banks.

  • 1975–1979:

In 1975 the entire banking system, including the national bank, was destroyed by the Khmer Rouge government as a symbol of rejection of capitalism and the national currency, the riel, was deposed. From this point on, trade and exchange were again in the foreground. It was not until October 1979 that the 'National Bank of Cambodia' was reopened by the Council of Revolutionaries of Cambodia after the Khmer Rouge were driven out.

  • 1979 – today:

After the expulsion of the Khmer Rouge, not only the National Bank of Cambodia but also the entire banking system had to be rebuilt, since Cambodia had no capital investments due to the previous communism and the system as it existed before the revolution was completely destroyed. In addition, a very large number of academic scholars were killed during the regime. Those who survived, including bankers, feared a possible return of the communist regime, which made it difficult to build the system. Until the main building, which was completely destroyed by the Khmer Rouge government, was completely rebuilt, the National Bank, also known at the time as the 'People's Bank of Cambodia', held an office in a commercial bank, from where it carried out the entire reconstruction of the structure and Organized the bank. In addition, the bank expanded into 20 other provinces and municipalities and finally re-introduced the riel, the former Cambodian currency, on March 20, 1980. During the 1980s, the Cambodian banking system was a monoculture with no influence from outside the Cambodian borders. She oversaw the monetary authority and the national treasury. Furthermore, money matters could only be dealt with through the state banking system, which was controlled and run by the People's Bank of Cambodia. In 1990 the main headquarters of the 'People's Bank of Cambodia', the 'Red Bank', opened its doors again. In 1991 Cambodia's first commercial bank, Cambodia Commercial Bank "CCB", was founded. It was a state bank for entrepreneurs and aimed to attract investors and serve the activities of the United Nations Transitional Authorities in Cambodia (UNTAC). On January 30, 1992 the National Assembly decided to give the 'People's Bank of Cambodia' its original name, the 'National Bank of Cambodia'. This was implemented on February 8, 1992. On October 23, 1991, Cambodia decided to turn around in the Paris Peace Agreement , namely to convert the Cambodian economy from a planned economy to a free market economy . As a result, the entire banking system changed again, as the banks could now be separated from the state. The state also authorized banking affairs to be carried out in commercial Cambodian banks or in foreign branches. As a result of the change in the economic system and thus also in the banking system, the rights and obligations of the National Bank also changed (such as the regulation of price stability in the Cambodian Riel). Finally, the National Bank of Cambodia presented a draft strategy for the development of the financial sector, which was ultimately the key to integration into the global financial system. In 2003 the main building of the National Bank of Cambodia was renovated again.

organization

The National Bank of Cambodia consists of a seven-member board. Chea Chanto is the chairman of the board , the governor of the bank and originally one of the co-founders of the National Bank of Cambodia after the communist regime. The bank is divided into four different organizational areas:

  • General cashiers
  • General Directorate
  • General Secretariat
  • General inspection

The National Bank currently has 21 branches in Cambodia.

Main tasks of the National Bank of Cambodia

  1. Determination of monetary policy objectives in consultation with the royal government
  2. The formulation, implementation and control of the set monetary policy goals
  3. Regular reviews of the economic and monetary situation and publication of the results. If necessary, propose measures to improve the situation to the royal family
  4. Banks and other financial institutions issue / revoke licenses, monitor them and regulate them
  5. The control of the payment systems in the kingdom
  6. The sole publisher of the Cambodian currency
  7. The ability to transact on behalf of the Kingdom
  8. The establishment of a balance of payments
  9. The regulation and administration of foreign debts as well as the raising of claims
  10. Participation in the creation and monitoring of the capital and financial markets
  11. Licensing / revocation and the supervision of all those who operate on the securities market, on the foreign exchange market, on the market for precious stones or precious metals
  12. Setting Interest Rates

Individual evidence

  1. ↑ a b c d National Bank of Combodia, [1] , accessed February 5, 2016.
  2. ↑ National Bank of Combodia, History of the National Bank of Cambodia , called on 5 February 2016th
  3. ↑ National Bank of Combodia, History of the National Bank of Cambodia , called on 5 February 2016th
  4. ↑ National Bank of Combodia, History of the National Bank of Cambodia , called on 5 February 2016th
  5. ↑ National Bank of Combodia, History of the National Bank of Cambodia , called on 5 February 2016th
  6. ↑ National Bank of Combodia, History of the National Bank of Cambodia , called on 5 February 2016th
  7. ↑ National Bank of Combodia, Board of Directors , called on 5 February 2016th