Logo of Phnom Penh Post newspaper Phnom Penh Post - ABA reduces saving rate to 0.25 per cent

ABA reduces saving rate to 0.25 per cent

ABA reduces saving rate to 0.25 per cent

Advanced Bank of Asia Ltd (ABA Bank), a member of the National Bank of Canada Group, will halve the interest on savings or current plus’ accounts from 0.50 per cent to 0.25 per cent annually with effect from November 5.

The bank said the change is due to the excess liquidity in the domestic banking and the financial market.

Steady economic growth and investment in the Kingdom have caused many banks to reduce their saving account interest.

“ABA Bank found itself in the over liquidity position as well. This is not only due to the overall growth of the economy but also due to ABA shareholders’ capital investments, credit lines from international capital markets, increasing credibility of ABA having the highest credit rating, and continuous branch network and Business expansion,” it said.

MOST VIEWED

  • Without shoes or a helmet, a young cyclist steals the show

    Pech Theara gripped the curved handlebars of his rusty old bike, planted his bare feet on its pedals and stormed as fast as he could towards the finish line. The odds were against him as the 13-year-old faced off against kids with nicer bikes at

  • Seven positive for Covid-19, Hun Sen confirms local transmission

    Prime Minister Hun Sen announced that there has been local community transmission of Covid-19. However, he urged the people not to panic even though the Ministry of Health announced the discovery of seven new cases on Sunday. Among the victims are Chhem Savuth, the director-general

  • Phnom Penh-Sihanoukville expressway on schedule

    The construction of the more than $1.9 billion Phnom Penh-Sihanoukville Expressway has not been delayed despite the Covid-19 pandemic, with more than 26 per cent of the project completed and expected to finish in about two years, according to Ministry of Public Works and Transport secretary of

  • Over 110 garment factories close

    A government official said on November 22 that at least 110 garment factories had closed in the first nine months of the year and left more than 55,000 workers without jobs – but union leaders worry those numbers could be much higher. Ministry of Labour and Vocational Training undersecretary

  • Singapore group seeks $14M in damages from PPSP over ‘breach of contract’

    Singapore-based Asiatic Group (Holdings) Ltd is seeking a minimum of $14.4 million relief from Cambodia Securities Exchange (CSX)-listed Phnom Penh Special Economic Zone Plc (PPSP) for allegedly breaching a power plant joint venture (JV) agreement. Asiatic Group’s wholly-owned Colben System Pte Ltd and 95 per

  • PM vows to protect Hun family

    Prime Minister Hun Sen has vowed to continue his fight against opposition politicians who he said intend to smash the Hun family. Without naming the politicians but apparently referring to former leaders of the Supreme Court-dissolved Cambodia National Rescue Party (CNRP), Hun Sen said there