In Cambodia, the Central Bank of Cambodia (NBC) has been working for 40 years to rehabilitate the Riel, the national currency, against the US dollar. The banks obviously have an active role to play in the return of the historical currency.
In an interview with the “Khmer Times”, Guillaume Perdon, General Manager and Sopha Min, Deputy General Manager of BRED Bank Cambodia, explain how BRED is participating in the development of an economy in Riel.
Extract from the Khmer Times :
In the past 10 years, the Riel has stabilised against the dollar within a relatively tight range while usage rates have grown exponentially as the NBC’s policies have taken root. “As a nation, it’s very much in our interest to develop a strong currency,” says Sopha Min. “Increased adoption of a strong and stable Riel is the natural direction of travel for the people of Cambodia and we’re fully behind the currency and ready to play our part at BRED Bank Cambodia.” Evidence of the Bank’s commitment to the local currency is in plentiful supply.
BRED has comfortably met the 10% KHR lending target set by the NBC. On the deposit side, the Bank offers premium rates to KHR savers and provides a host of attractive savings products covering everything from instant access to fixed term deposit accounts. In the Cambodian property market,
BRED Bank is making great strides, offering some of the best interest rates in the market and the flexibility to borrow either in USD or KHR. “We’re growing fast,” says Guillaume Perdon, “and we have a very optimistic outlook not just for our own business but for the future of Cambodia and its currency.”
Full article available here : https://www.khmertimeskh.com/50826966/bred-bank-shows-riel-potential/