Finance is the key to Cambodia’s post-coronavirus recovery. The Representatives from the Cambodian Ministry of Finance and Economics and the National Bank of Cambodia have made their comments at the Let’s Talk Money Financial Strategy Symposium, attended by over 400 representatives from governments, central banks, the financial industry, development partners, and students via video.
Ouk Maly, deputy governor of the Central Bank of Cambodia, said that through the efforts of banks, government ministries, the United Nations, and the financial sector, the financial sector has made tremendous progress in improving financial literacy, lending, and managing personal and business finances. She said that the National Strategy for Financial Inclusion 2019-2025 provides for reducing poverty and promoting socio-economic development through the provision of quality, timely, affordable, and legal financial services.
In addition, the Central Bank of Cambodia has also been successful in its “Promoting Financial Literacy for 18-30-year-olds” campaign, which aims to educate them about money management, dealing with unexpected finances, and understanding their rights and responsibilities.
The financial sector is an important factor in facilitating the resumption of business and trade activities in all sectors and supporting socio-economic development. Also, finance is the key to Cambodia’s post-coronavirus recovery.
Therefore, the promotion and development of the financial sector also play an important role in maintaining macroeconomic stability, and promoting financial education is an indispensable factor in solving financial problems, which helps to improve people’s living standards and promote sustainable economic and social development.
