Govt unveils financial sector development strategy for 2016-2025

The government unveiled its financial sector development strategy for 2016-2025, which evaluates the last decade of growth while outlining an action plan for the next decade. The report, which put forth strategies for both banking and non-banking services such as the capital market and the insurance industry, is the third version since 2001. It highlights emerging challenges and constraints that need to be addressed over the next ten years. In terms of macroeconomic policies the government will take to ensure stability, the report said that the central bank will strengthen its capacity and skills, while also introducing a deposit insurance scheme to protect small depositors against insolvency. According to Chea Serey, director-general of the NBC, developing a deposit insurance scheme has now become a top priority to grow financial inclusion and provide a safety net. She added that the new strategy also reinforces the government’s commitment to integrate a financial literacy curriculum within the Kingdom’s education sector next year. (Source: Phnom Penh Post)