Written by DAP NEWS
Cambodia has enough money set aside to cover three months of imports in case of emergency, a high-ranking member of the National Bank of Cambodia said on Wednesday.
However, NBC General Manager Tal Nay Im stressed the kingdom has enough funds to deal with the fallout of the global economic crisis (GEC) at a roundtable discussion on Wednesday organized by the Club of Cambodian Journalists (CCJ).
“Cambodia has enough budget for fighting the downturn and three months of imports, but we need to follow up on tasks such developing micro finance and [macro] finance.”
Cambodia apparently currently has US$2.3 billion on hand to fight the impact of the GEC, a massive increase on the US$1.845 billion allocated in 2008. Tal Nay Im said that recently released data suggests the banking system Cambodia seems to have escaped mostly unscathed from the GEC. the sector was still growing as of May 2009, she noted.
“The NBC has a central role in banking,” she stressed.
Cambodian supporter of Press Club Rabea Brauer representative of Konrad Adenauer Fundation said at the meeting that the press has a central role in strengthening democracy. Cambodia is among countries suffering serious effects for the GEC, Brauer added, though she said Cambodian women and children could be put at risk.
“The Cambodian banking sector has increased despite the global recession,” she stressed.
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