Phnom Penh, October 10, 2019 –The National Bank of Cambodia (NBC) today turns 40 years after its reestablishment in 1979.
A ceremony to commemorate the 40th anniversary of NBC’s reestablishment took place at Chaktomuk Conference Hall, Phnom Penh this morning under the presidency of Prime Minister Samdech Akka Moha Sena Padei Techo Hun Sen.
The event attracted some 600 participants who are members of the National Assembly, Senate, Royal Government, members of diplomatic corps accredited to Cambodia, representatives of national and international organisations and the leadership and staff of NBC.
Addressing on the occasion, Samdech Techo Hun Sen expressed his appreciation to the achievements of the NBC during the past 40 years and shared some recommendations for the bank’s future progress.
NBC is the central bank and the monetary and supervisory authority of Cambodia. The NBC’s mission is to determine and direct the monetary policy aimed at maintaining price stability in order to facilitate economic development within the framework of the Kingdom’s economic and financial policy.
The NBC conducts this in consultation with the Royal Government and in consideration of the framework of the economic and financial policy of the Kingdom. As the monetary authority, the NBC is the sole issuer of the Khmer riel, the national currency. In doing so, this helps maintain monetary stability.
As the supervisory authority, the NBC has the authority to license, delicense, regulate and supervise banks and financial institutions in Cambodia. The NBC also conducts regular economic and monetary analysis, publishes various publications, oversees the nation’s payment systems, establishes balance of payments, and participates in the management of external debt claims.
NBC has a rich and complex history. The bank was first established on Dec. 23, 1954, after the country gained independence from the French protectorate and after the Institut d’Émission (the printing house for the three Indochine countries) was closed. The NBC gained autonomy of printing riel as the national currency as well as managing the banking system in Cambodia.
Then from 1975 to 1979, it was closed due to the Khmer Rouge regime. The building was destroyed, the banking system collapsed, and the use of Khmer riel notes was eliminated. The Bank was re-established in 1979 from scratch and reissued the Khmer riel for circulation. The country was at that time transitioning from a centrally planned economy to a free market economy.
Currently, NBC has 21 branches in the 25 provinces and capital with a total of 1,364 staff.
By Khan Sophirom
