Banks and Financial services in Phnom Penh, Cambodia
The official currency in Cambodia is the Riel which comes in denominations of 100, 200, 500, 1,000, 2,000, 5,000, 10,000, 50,000 and 100,000 notes. However, in the major towns and cities, US dollars can be freely spent though travelers are recommended to use smaller denomination notes as change may be difficult. Most places will refuse old, tatty or damaged US bills. Due to the economic problems in the region, the currency has slipped from 2500 Riels to 3700-3900 per one US dollars (at the time of this writing), meaning Cambodia is an even better value for money tourist destination than before. Popular local and international currencies can be exchanged openly and freely. Major credit cards are now accepted through banks and ATM in Cambodia
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HwangDBS expands bank network in Phnom PenhHWANGDBS (Malaysia) Bhd has opened its second commercial bank branch in Phnom Penh, Cambodia, with a third to be inaugurated on December 29. In a statement, HwangDBS Commercial Bank plc director Hwang Lip Teik said, as an assurance to Cambodia, the issued and paid-up statutory capital has been increased to US$37.5 million (RM117.75 million). |
"Significant infrastructure investments in the two new branches has also been incurred. "Additionally, we will continue to invest in human capital development to ensure our staff are trained to international standards and according to industry best practices," he added. Senior vice president of HwangDBS Commercial Bank plc, Han Peng Kwang said: "Our strategy will be to focus on reaching out to the under-served sectors and areas within Phnom Penh. "We are the only bank in Cambodia that offers specific loans to dentists and we believe there are still many areas with tremendous potential that can be tapped into." He also identified sectors that would be immediate beneficiaries of the increased prosperity and population growth. They are property, construction, technology and communications, retail, financial and professional services, commodities as well as manufacturing. - Bernama |