Foreign banks raise interest rates, exports plunge, and more of the best business from Kiripost
Dear Kiripost readers,
Happy Khmer New Year. More than 10 million people traveled across the country to welcome in the year of the rabbit, leaving the capital Phnom Penh slow and quiet. Some even say they were able to use running water because so many people had left the city.
However, despite the three day holiday, some still feel they need more days off. It has been a while since the country was able to hold massive gatherings like this due to Covid-19, especially in Siem Reap province for Sangranta, where people splashed water, danced and some cheerfully congratulated the country’s two Guinness record gains for the most folded paper hearts and Madison dance.
Kiripost took some days off too, but the news didn’t stop on Kiripost.com. We produced some stories for you ahead of our break and here we would like to share some of the most read news wraps in the past two weeks for readers who may have missed them on our website.
A $55 million drive to develop ecotourism in the Cardamom Mountains and Tonle Sap areas has been launched, with public-private investments sought.
“The growing emergence of the ecotourism sector in Cambodia offers some unique opportunities for PPPs and private investment in the protected areas,” said Follea.
Three foreign banks have so far raised their interest rates on loans, with more likely to follow as foreign and domestic cost of funds become expensive, leaving a mass of discontent borrowers seeking answers. Though out of its hands, NBC deputy governor Chea Serey has stepped in to explain the situation and offer advice1
“I think increasing the cost of funds is not a new thing, it gradually happened since last year. It is a known issue that banks and their stakeholders should have been well aware and prepared. In terms of long-term funding, we are not an island,” he said.
International online transfer transactions are constantly rising in Cambodia. Kiripost’s Seng Mengheng looks at the different options available in the nation.
International online transfer transactions are constantly rising in Cambodia. Kiripost’s Seng Mengheng looks at the different options available in the nation.
Cambodian exports slumped by 5.7 percent to $5.4 billion in the first quarter of 2023 due to the ongoing impact of Covid-19, the Ukraine-Russia war and global economic crisis, with the garment sector hit the hardest.
“Trade cannot be sold without an order. It depends on the market demand, which can fluctuate. This is natural for a free market,” he said.
foodpanda has undergone a three-month restructure in its Cambodian operations to readjust to post-pandemic times and boost profits sustainably into the future
“Instead of being a competitor in the grocery business, we are focusing on tech to become a tech provider, and then partner with more established grocery retailers,” he said.
More to watch this week
The National Assembly is also scheduled to debate and vote on a new trade border agreement with Vietnam and the country is gearing up to host the annual Mekong Tourism Forum in Sihanoukville
Kiripost team has also taken on profile stories about some outstanding youths contributing to society.
A team of five ITC students has scooped $5,000 after their innovative technology that can sensor rainfall came first in a Mekong River Commission competition.
Ly Monyputhy has been producing the Rean Rous podcast since early 2021, sharing his musings on topics not taught in school, such as philosophical issues and self-awareness to help listeners in their daily lives
Se Horseng clocked up several years working with NGOs before he decided to apply for a scholarship in South Korea. Despite the challenges of applying in the midst of the pandemic, he succeeded and is currently studying a Master’s degree in Busan.
Pheap Sothon has transformed her vision to create a business that empowers women while creating eco-friendly, locally-made products into reality.