REGULATION DATED DECEMBER 26, 1997
ON THE AMENDMENT OF THE MAINTENANCE OF REQUIRED RESERVES
AGAINST DEPOSITS AND OTHER BORROWINGS BY FINANCIAL INSTITUTIONS
Thor 797 - 02 BB
The Governor of the National Bank of Cambodia,
Having seen the requirements of the Central Bank monetary policy
Having seen the request of the Bank Supervision Department and Cabinet of the National Bank of Cambodia.
Decides
The Regulation No. 793-282 Bor 2, dated December 30, 1993, on the Maintenance of Required Reserves against Deposits and other borrowings by Financial Institutions shall be amended according to the following conditions:
1. The old Article 3 shall be repealed and replaced by the new Article 3: the percentage of the Required Reserves of the financial institutions shall be increased from 5 per cent (5%) to 8 per cent (8%).
2. The old Article 13 shall be repealed and replaced by the new Article 13: the penalty rate on the deficiency of reserve requirement shall be decreased from 0.5% (zero point five per cent) to 0.1% (zero point one percent which is equivalent to 1/10 (one tenth) of the existing refinancing rate.
3. Apart from the amendments regarding point 1 and point 2 above mentioned all other articles in the regulation shall be unchanged (continue to be effective).
Article 2:
The Department of the General Director, Internal Auditor, Bank Supervision, Banking and all commercial banks under the supervision of the National Bank of Cambodia shall implement these amendments in accordance to each duty.
Article 3:
The amendments shall take effect from day one of the maintenance period in the calendar year for 1998.
Phnom Penh, 26 December, 1997
Signed: Thor Peng Leath
Governor
Stamped: The National Bank of Cambodia