Roles of the Central Bank & Her Monetary Policy
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1 Roles of the Central Bank & Her Monetary Policy Chea Serey Director General of Central Banking June 7, 2017 NATIONAL BANK OF CAMBODIA Riel. Stability. Development.
2 2
3 CONTENT Role of the Central Bank Financial Stability Monetary Stability Growth & Development
4 4
5 The principal missions of the NBC are Financial Stability Implicit Monetary Stability Explicit Growth and Development Explicit
6 Financial Stability 6
7 Financial system is considered as a heart of the economy
8 To ensure stability in the banking system: Supervision Regulation
9 PAYMENT SYSTEMS Lender of Last Resort Money and Financial Markets Other functions of the NBC Economic and monetary analysis Compile Balance of Payments Management of External Debt and Claims
10 10
11 5% NPLs of Banks and MFIs 4% 3% 2% 1% 0% % 1.5% NPLs-Banks Non-performing Loan of Banks and MFI increased slightly in 2016 to 2.7% and 1.5% respectively. 11
12 Monetary Stability 12
13 Currency issuance Monetary Policy
14 14
15 Inflation increase Monetary policy tightened Real interest rates increase Asset price increase Economic activity falls Credit growth Financial Instability Investor confidence decline Asset prices fall 15
16 Price Stability Inflation Year on Year Based year: Inflation Y O Y 2013 Inflation Y O Y 2014 Inflation Y O Y Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Average inflation from 1995 to 2017 (exclude regional and global crisis period) : 2.76% 16
17 Stable Exchange Rate 4,150 Exchange Rate Movement of Riel against USD (2013, 2014, 2015, 2016, 2017) 4,100 4,050 4,000 3,950 BID MKR 2017 BID MKR 2016 BID MKR 2015 BID MKR 2014 BID MKR ,900 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec The exchange KHR/USD moved less than +/-2% from 2000 to
18 Dollarization remains persistently high 18
19 19
20 10 Reasons Why We Should Use RIEL??? i. Enhance National Pride and Solidarity ii. Promote Price Stability iii. Reduce Transaction Costs iv. Promote Trade v. Increase Investments & Job Creation vi. Promote Infrastructure & Social Welfare vii. Promote Financial Inclusion viii. Accumulate Foreign Reserves ix. Gain Seigniorage x. Prevent Counterfeiting 20
21 Measures put in place by the Government and the Central Bank: Payroll of government officers & central bank staff in KHR Utilities billed in KHR Promote quality of banknotes 10% KHR in bank assets FAST payment system Liquidity Providing Collateralized Operations (LPCO) Government services charged in KHR Tax in KHR Stock market listed in KHR Etc. 21
22 Growth & Development 22
23 Rapid development in Cambodia
24 14% 12% 10% 8% 6% 4% 2% Robust growth & stable macro conditions (over 7%, last two decades) 13.3 Contribution to Growth % -2% p Agriculture Garment Construction Trade, real estate and finance Hotel & Restaurants Others Real GDP Growth Cambodian economic growth remained robust at around 7%, supported by robust growth in garment, construction & real estate, and tourism, while agricultural sector has slightly improved. 24
25 Diversifying Types of Export Products 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 7.8% 7.4% 88.8% 86.4% 82.0% 12.6% 16.6% 21.5% 21.1% 77.1% 73.5% 73.7% % 73.1% ផ ងៗ ( រគ ងបងគ អឡ ច រត ន ច, កង ល ) កស Garment, footwear, អងករ & textile rice rubber others (electronic assemblies, bikes etc.) ស ម ល កប ពក សបក ជ ង ន ងផល តផល យណភ ណ ឌ Source Ministry of Economy & Finance The proportion of footwear, textile, and garment export is getting smaller, while that of rice, electronic assemblies is getting larger. 25
26 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Diversifying Export Destination 15.7% 18.1% 20.5% 21.1% 21.8% 20.2% 21.9% 2.4% 3.1% 3.5% 4.8% 5.7% 6.8% 8.2% 52.3% 42.6% 36.7% 31.4% 26.7% 23.9% 20.9% 30.0% 32.1% 33.4% 34.1% 37.9% 38.8% 25.0% 4.5% 6.2% 7.2% 9.3% 11.7% 11.1% 10.3% ន Source Ministry of Economy & Finance សហភពអ រ ប មរ ក ជប ន ផ ងៗ ASEAN EU US Japan Others The proportion of export to the US is decreasing, while that to the EU, Japan is increasing. 26
27 Financial Inclusion and Financial Deepening (M2/GDP) 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 67% 74% 78% 50% 56% 53% 32% 18% p Financial Inclusion Financial Deepening (M2/GDP) Financial sector is expanding and more inclusive. In 2016, M2/GDP increased to 74% and 53% of adult population has access to financial services. 27
28 Deposit with Banks and MFIs March ,000 14,000 12,000 1,309 1,464 1,609 1,800 1,600 1,400 In Million USD 10,000 8,000 6,000 4,000 4,313 5,193 6, , , ,443 1,200 1, , ,685 14, * SATHAPANA merged with Maruhan Japan Bank Plc. Banks' deposits MFIs' deposits 28
29 Number of Depositors March ,067, , ,116 1,266,412 1,488, ,666 1,765, ,955 2,259,601 1,046,807 2,650,188 1,339,896 1,502,488 1,568,758 3,026,800 3,123,864 3,500,000 3,000,000 2,500,000 2,000,000 1,500,000 1,000, ,000 Bank's depsitors MFIs' depsitors Number of Depositors
30 Financial Institutions Loans to Customers March , , , ,317 2,017 2,995 3,112 3,402 7,352 9,345 11,742 13,767 14,447 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Banks loans (gross) MFIs Loans (gross) 30 In Million USD
31 Number of Borrowers March , , , , , , , , ,234 1,141,913 1,301,680 1,550,616 1,774,815 1,994,003 1,889,914 1,794,532 2,500,000 2,000,000 1,500,000 1,000, ,000 Banks Borrowers MFIs Borrowers Number of Borrowers
32 32
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