Cambodia cuts reserve rate

Published January 27, 2009

PHNOM PENH, Jan 26: Cambodia cut its bank reserve requirement by four percentage points and ended a restriction on real estate lending on Monday to boost growth in the cooling economy, a national bank official said.

Tal Nay Im, director general of the National Bank of Cambodia, said it had cut the reserve requirement to 12 per cent and eliminated a cap whereby only 15 per cent of a bank’s total loans could be for real estate deals.

International financial organisations expect Cambodia’s economy to grow by less than five per cent this year.—AFP

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