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MFIs encouraged to take deposits

MFIs encouraged to take deposits

National Bank of Cambodia Deputy Director General Kim Vanda called on microfinance institutions (MFIs) to take advantage of government rules allowing them to take deposits from customers at a two-day workshop that ended Friday aimed at strengthening the domestic micro-credit sector. He said deposits would reduce reliance on foreign lenders, which he said drives up interest rates. Just two of the 20 domestic MFIs are licensed to take deposits, he said. Sector representatives also vowed to push ahead with a credit bureau to track loans and prevent borrowers from taking out multiple loans from different lenders.

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