Cambodia's banking sector has seen credit growth of 2.2% across the first 10 months of 2024

According to the National Bank of Cambodia (NBC), the Kingdom's banking and financial institutions reported slow growth in lending during the first 10 months of 2024.

Outstanding loans increased by 2.2% year-on-year to $60.9 billion by October this year, according to a news release. The growth was primarily driven by an increase in lending to key sectors, including wholesale and retail trade, construction, real estate, agriculture, manufacturing, hotels, and restaurants.

"Credit serves as an important source of funds for consumers and enterprises, enabling them to expand their businesses and plays a vital role in supporting economic activities, creating jobs, and enhancing productivity," the news release said.

NBC Governor Chea Serey stated that this growth reflected the confidence of the public and investors in the kingdom's banks and financial institutions.She went on to say that the NBC would continue to maintain price and financial stability, as well as to strengthen its role as a catalyst in supporting Cambodia's sustainable and inclusive socio-economic development.

Cambodia currently has 59 commercial banks, nine specialised banks, 87 microfinance institutions, and 115 rural credit institutions, with approximately 21.3 million deposit accounts and 4 million credit accounts, according to the National Bank of Cambodia.