NBC To Build New Headquarters

The National Bank of Cambodia (NBC) will build its new headquarters at the current location near the Central Market, on Preah Norodom Blvd., according to the NBC's news release.

This new building will be constructed following Prasat (temple) Phnom architecture to show off the Khmer culture as well as the solidity, modernity and progress of the banking sector in Cambodia.

NBC is the nation's central bank. It is the monetary and supervisory authority. The mission of the NBC is to determine and direct the monetary policy aimed at maintaining price stability in order to facilitate economic development within the framework of the Kingdom's economic and financial policy. NBC conducts this in consultation with the Royal Government and in consideration of the framework of the economic and financial policy of the country. As the monetary authority, the NBC is the sole issuer of the Khmer Riel, the national currency. In doing so, this helps maintain monetary stability.

As the supervisory authority, the NBC has the authority to licence, delicence, regulate and supervise banks and financial institutions in Cambodia. NBC also conducts regular economic and monetary analysis, publishes various publications, oversees the nation's payment systems, establishes balance of payments, and participates in the management of external debt claim.

NBC was established on Dec. 23, 1954, then was destroyed during the Khmer Rouge regime. It was reestablished on Oct. 10, 1979. Currently, NBC has 21 branches in 25 provinces and cities. It employs in total 1,364 staff, 959 of them work at the headquarters while the rest at the provincial branches.

Source: Agency Kampuchea Press