The last thing we need: scandal hits Cambodia's already weak financial sector

Article Abstract:

The Cambodian government's closing of the Credit Bank of Cambodia in May 1995 could be a sign of things to come for the country's unstable, and possibly graft-ridden, financial sector. The bank was closed one month after a Canadian securities firm complained about the bank's lack of capital assets. Banks in the country are required to have at least $5 million in assets, but as many as half do not. Further, the bank's final actions included paying large sums to politically connected persons who may have never done business with the bank.

Banking Institutions, Depository Credit Intermediation, DEPOSITORY INSTITUTIONS, Banking industry, Financial services industry, Financial services, Banks (Finance)

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Compassion fatigue: donors are disappointed with Phnom Penh

Article Abstract:

Growing sentiment among Cambodia's donors to tie their aid to democratic and fiscal reforms appears unlikely to force the changes through. Foreign assistance accounted for 44% of the country's $410 million 1995 budget, even as the govt gave its biggest revenue source, the logging industry, to the military for off-budget use. In 1994 donors pledged $900 million in aid, but many are increasingly tired of seeing their money wasted and human rights flouted. The US and some others, however, still support Phnom Penh.

Economic assistance, Foreign economic assistance

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No riel currency: Cambodia rocked by financial turbulence

Article Abstract:

Cambodia's currency is undergoing major fluctuations. It lost half its value on Mar 19, 1993, falling to 5,000 riels to the US dollar in Phnom Penh. It rose steadily after that for two days, then fell again to be worth 4,000 riels to the dollar by Mar 27, 1993. The economy is stressed by resultant inflation and Khmer Rouge opposition to forthcoming elections.

Riel (Cambodia)

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