PHNOM PENH, Jan. 17 (Xinhua) -- Cambodia's banking industry had enjoyed strong growth in both loans and deposits in 2019, according to the latest report of the National Bank of Cambodia (NBC), or the central bank, on Friday.
Outstanding loans rose by 26 percent year-on-year to 117 trillion riels (28.8 billion U.S. dollars) last year, while customers' deposits increased by 25 percent to 124 trillion riels (30.5 billion U.S. dollars), the report said.
The growth was driven by the rising loan demands in trade, real estate and construction, and manufacturing, among others.
Speaking at the opening of the NBC's annual meeting on Thursday, NBC governor Chea Chanto said Cambodia's economy grew by 7.1 percent last year, with strong macroeconomic and financial stability despite some risks.
"The banking sector is healthy and has been actively contributing to financial inclusion, the improvement of livelihoods and the reduction of poverty for the Cambodian people," he said.
According to the NBC's report, the Southeast Asian nation has 43 commercial banks, 14 specialized banks and dozens of microfinance institutions.
Currently, there are roughly 7.5 million deposit accounts and 3 million credit accounts at the country's banks and microfinance institutions, the report said.
