Phnom Penh: H.E. Dr. Chea Serey, Governor of the National Bank of Cambodia (NBC), recently held a meeting with Professor Ricardo Hausmann, Founding Director of Harvard’s Growth Lab, along with a delegation from the Cambodia-Australia Partnership for Resilient Economic Development (CAPRED) Programme. This meeting, which was both a courtesy call and a working discussion, focused on key topics such as the economic and banking sector situation, monetary policy, and the development of the payment system in Cambodia.

According to Agence Kampuchea Presse, Professor Ricardo Hausmann emphasized the progress of Cambodia’s economy, noting an approximate growth rate of 6 percent. He also discussed the construction sector’s influence on the banking sector, challenges facing the agricultural sector’s rapid growth, the country’s exchange rate regime, and the usage of the Riel, Cambodia’s national currency.

In her response, H.E. Dr. Chea Serey acknowledged the rapid economic growth while highlighting the uncertainties, particularly the rise in non-performing loans. She mentioned that the NBC has permitted loan restructuring since the onset of the COVID-19 crisis, and there are expectations for improvement in this situation.

Furthermore, she highlighted the Royal Government and the NBCF’s focus on implementing strategies to bolster the agricultural sector’s growth. Dr. Serey reiterated NBC’s commitment to promoting the use of the Riel and maintaining its stable exchange rate against the U.S. dollar, which aids in preserving price stability and safeguarding the purchasing power of Cambodian citizens.

Dr. Serey also shared insights into the NBC’s ongoing efforts to develop a more diverse payment system, both on a domestic and international level, noting that several central banks are currently examining Cambodia’s experience in this area.