Economic

Acleda Eyes Expansion Into Burma

by sidet on April 13, 2012

in Economic

ACLEDA Bank head office in Phnom Penh

ACLEDA Bank head office in Phnom Penh, Cambodia

Cambodia’s largest bank, Acleda, is looking to get in early on Burma’s economic reawakening, with plans to open three microfinance branches in the country as soon as January, the bank’s CEO said.

In Channy said he discussed the plan on Monday with a visiting Burmese delegation headed by Nay Aye, the deputy governor of Burma’s national bank, who came to learn about how Cambodia’s banking sector had developed.

The visit follows the decision by Burma’s central bank earlier this month to float its national currency , the kyat, against the dollar. By-elections were also held in the country on April 1, during which Aung San Suu Kyi and her National League for Democracy party won parliamentary seats. [Read full article…]

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Government Predicts GDP Growth of 6.5% for 2012

February 17, 2012 Economic
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The government estimated that economic growth will reach 6.5 percent in 2012, though it warned that debt woes still being played out in markets in Europe and the US could dampen this year’s prospects and said more efforts should be made to trade with other country in the region. With more than three-quarters of Cambodia’s [...]

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Insurance Premiums Rise, but Costs Curb Profits

February 8, 2012 Economic
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Infinity Insurance Company in Cambodia (source: www.infinity.com.kh) Driven mainly by an increase in fire and motor coverage, revenues generated by Cambodia’s six insurance companies in 2011 grew by 19 percent compared with the year before, to $29.7 million, according to data from the General Insurance Association of Cambodia. Although premiums are rising, those in the [...]

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Campu Bank 2011 Profits up Due to Healthier Loans

February 7, 2012 Economic
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Cambodian Public Bank’s net profits last year increased 71.66 percent to $23.69 million compared with 2010, according to audited data obtained by the bank of Friday. According to the data, the bank was able to reduce the amount of non-performing loans from $21.77 million to just $9.7 million over 2011, contradicting a statement issued by [...]

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Insurance Experts, Government Focus on Poor

December 15, 2011 Economic
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Government officials and micro-insurance experts discussed how to apply micro-insurance, or low-premium insurance, to Cambodia’s most poor and vulnerable population in an effort to protect people who do not benefit from the country’s manager social safety net. Speaking to participants at a workshop in Phnom Penh, organized by the United Nation Development Program (UNDP), the [...]

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Micro-Insurance Rules Nearly Finished

May 25, 2011 Economic

Cambodia’s micro-insurance industry could launch as soon as August, as officials say rules governing the sector are nearing completion. The Ministry of Economy and Finance aims to hold a meeting to receive public feedback this month before finalising regulations drafted last year, the Ministry’s Insurance Division Head In Meatra said. “We hope that we will [...]

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Deal Signed On A New Cambodian Car Brand

March 24, 2011 Economic

A deal that would bring automobile manufacturing to Cambodia and create Cambodia’s own mass-produced electric automobile brand, the Angkor Car, was signed by Cambodia’s Heng Development as well as a Hong Kong firm. Under the joint venture with Chau Leong enterprise, production would begin at a Kandal province plant by 2012 on two-and foru-seat convertible, [...]

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Luna New Year Offer Businesses Mixed Blessing

February 6, 2011 Economic

Exuberant spending on Chinese New Year has been on the rise of late. More and more Cambodians take days off work to enjoy the festive occasion. Chinese restaurants say the number of people choosing to eat out over the Lunar New Year is growing fast. And marketplaces are abuzz with people purchasing food and gifts. [...]

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Trade With China Improved During 2010

January 17, 2011 Economic

Trade between China and Cambodia rose more than 40 percent in the first 11 months of 2010, according to figures from the Ministry of Commerce. The figures show trade increased 42.1 percent in the first 11 months of 2010 compared to the same period in 2009. Exports from Cambodia to China increased almost threefold to [...]

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Some See Hope Of A Real Estate Recovery In 2011

November 30, 2010 Economic

Cambodia will have to wait until next year for the real estate market to rebound, real estate experts said, repeating similar predictions offered in 2009 that recovery was six months away. The real estate sector, which saw high growth before the economic crisis only to see some property value drop by as much as 50 [...]

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Commune and Village Officials To See Salary Increase in 2011

November 29, 2010 Economic

Commune and village-level government officials can look forward to an increase in their modest salaries in 2011 of up to 50 percent, according to a new government sub-decree. According to a copy signed by Prime Minister Hun Sen of October 25 and released on the Interior Ministry’s website, in 2011, commune chiefs will see a pay [...]

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