THE Cambodian government has approved a $100 million emergency line of credit for banks in need of temporary liquidity shortfalls, a senior official told the Post Wednesday.
Officials stressed that the banking sector remains solid and that no banks have applied for emergency funds.
"The National Bank of Cambodia (NBC) is being careful with this issue - the NBC is keeping a close eye on the sector," said Minister of Finance Keat Chhon.
The fund is administered by the NBC, but only Finance Ministry officials would comment on the fund. "The money is available for banks that need it," said Keat Chhon.
Acleda Bank CEO In Channy told the Post Wednesday that his bank remains stable, despite the downturn. "I don't need this money. Our deposits increased to US$533.5 million from $492.5 million - an eight percent increase compared to the same period last year," he said.
ANZ CEO Stephen Higgins said Wednesday his bank is also in no danger of a liquidity crunch.