Logo of Phnom Penh Post newspaper Phnom Penh Post - Accounting skills highly valued, says NBC



Accounting skills highly valued, says NBC

Content image - Phnom Penh Post
NBC governor Chea Chanto highlighting the importance of the accounting profession. Moeun Nhean

Accounting skills highly valued, says NBC

Cambodia is continuing to place an emphasis on accounting practices as the country seeks to keep up with a rapidly developing banking system.

Speaking this month in front of almost 500 professors, experts, and students in a forum called “Work In The Banking Sector”, organised by the CamEd Business School, Chea Chanto, National Bank of Cambodia (NBC) governor, said, “Accounting skills help strengthen the economic development by empowering international commercials through international standard practice, making it possible for information to be compared, encouraging the flow of capital into the country and increasing tax money, which is the biggest source of income for the government.”

Chanto explained that “skilled accountants are priceless for enterprises. They are trained to face challenges by using good methods, based on practicality and direction of the problems. This is very valuable for leaders in creating strategies, feedbacks, reducing original cost and risks.”

“Financial reports are the keys to increasing transparency to aid local and foreign investors. It creates a strong investing environment and trust from investors, which helps strengthen financial stability; a key factor in building trust on every sector in Cambodia from the public,” he continued.

When asked about the slower pace of loan lending in 2016, Chanto said the banks act to suit the demands of the market.

“The market is never full, but it goes through stages,” he said.

“The national bank is the central bank, so we have to remain very cautious to build trust for [other financial sectors]. We can neither react to nor encourage them.”

He added, “Right now, the banking sector in Cambodia has developed noticeably and it has played an important role in supporting the economic growth and social development.”

“The banking system has developed tremendously in Cambodia. We can see that more and more people are knowledgeable in the field. They know how to save money. They no longer keep their money under the pillows or use the money to buy gold. They have turned to saving accounts.”

Chanto cited a recent NBC statistic which found that about 54 percent of Cambodian adults presently use banking services.

“This is a vital indicator of our people’s livelihood,” Chanto said. “In the near future, I believe that everyone will have their own bank account and even use the ATM because there are ATMs all over the country.”

Chanto explained that because the banking sector and MFIs are rapidly developing, “The NBC always meets and discusses with partners, banks, and MFIs in any given time to find solutions to challenges and problems regarding interests.”

He added, “We see a decrease in interests in the market due to three factors. First, the general infrastructure is getting better. Two, the security. And thirdly, our human resources are getting educated. They know how to note down and even analyze their credits, which lowers the risks as well.”

MOST VIEWED

  • NY sisters inspired by Khmer heritage

    Growing up in Brooklyn, New York, Cambodian-American sisters Edo and Eyen Chorm have always felt a deep affinity for their Cambodian heritage and roots. When the pair launched their own EdoEyen namesake jewellery brand in June, 2020, they leaned heavily into designs inspired by ancient Khmer

  • Schools drawn into Manet degree row

    Prime Minister Hun Sen stepped into the Hun Manet-Sam Rainsy war of words over the validity of Manet’s degree from the US Military Academy at West Point, set off by Rainsy’s claims that Manet had received a “second-class degree” or “honorary degree”. Hun

  • Cambodia records first Omicron community case

    The Ministry of Health on January 9 reported 30 new Covid-19 cases, 29 of which were imported and all were confirmed to be the Omicron variant. The ministry also reported 11 recoveries and no new deaths. Earlier on January 9, the ministry also announced that it had detected the Kingdom's

  • The effects of the USD interest rate hike on Cambodian economy

    Experts weigh in on the effect of a potential interest rate expansion by the US Federal Reserve on a highly dollarised Cambodia Anticipation of the US Federal Reserve’s interest rate hike in March is putting developing economies on edge, a recent blog post by

  • PM eyes Myanmar peace troika

    Prime Minister Hun Sen has suggested that ASEAN member states establish a tripartite committee or diplomatic troika consisting of representatives from Cambodia, Brunei and Indonesia that would be tasked with mediating a ceasefire in Myanmar. The premier also requested that Nippon Foundation chairman Yohei Sasakawa

  • Kampot tourism quay ‘90% done’

    Construction on Kampot International Tourism Port – a 4ha quay in Teuk Chhou district about 6km west of Kampot town – has fallen off track, reaching 90 per cent completion, according to a senior Ministry of Tourism official last week. The project is now planned to be finished