Logo of Phnom Penh Post newspaper Phnom Penh Post - NBC reiterates ID not to be used as collateral

NBC reiterates ID not to be used as collateral

NBC reiterates ID not to be used as collateral

The National Bank of Cambodia (NBC) has once again reminded all private lenders not to take ID cards or family books as collateral for loans, according to a statement released on Tuesday.

The NBC document reminds all institutions to follow a similar message issued by them in March 2016 banning the practice.

In the past, people living in rural areas have used the documents as collateral for small loans from private lenders. The NBC said it would take action against lenders who continue accepting the documents by putting sanctions on them or revoking their licences.

The message comes one day after a ruling party order calling for high level officials to help people get back any documents held so they could vote in the upcoming elections.

MOST VIEWED

  • PM: All 10 Asean countries to receive Rainsy arrest warrants

    Prime Minister Hun Sen said on Thursday that all 10 Association of Southeast Asian Nations (Asean) member states will receive warrants for the arrest of Sam Rainsy. The warrants have already been sent to Laos and Thailand. He was speaking at a joint press conference at

  • Human rights report biased, says Cambodia

    Cambodia has accused the 42nd session of the Human Rights Council in Geneva, Switzerland on Wednesday of having “undermined the principle of objectivity”. In a statement issued on Tuesday, the Permanent Mission of the Kingdom of Cambodia to the UN said the Office of the

  • Kingdom okays 2,400MW power purchase from Laos

    A cabinet meeting on Wednesday decided that the government will purchase 2,400MW of electricity from Laos. A briefing document uploaded by government spokesman Phay Siphan to his Facebook page confirmed this. It said Cambodia will buy exclusive power from two coal-fired power plants in Laos –

  • The need to establish research universities in Cambodia

    In an era of the globalisation and internationalisation of higher education, it is difficult, if not impossible, to disregard the regional and global trend toward building world-class universities. Many governments in Asia and Africa are making significant efforts to establish research-intensive universities to catch up