ចក្ខុវិស័យ

Financial Sector has played an important role in developing the private sector and
maintaining sustainable economic growth. In 2001, the Royal Government of Cambodia
(RGC) adopted the Vision and Financial Sector Development Plan for 2001-2010 (FSDP
2001-2010), which is a long-term strategy for financial sector development in Cambodia.
Since that time it has served to guide the efforts of the RGC, stakeholders and development
partners in defining policy and programs to support the development of the financial
sector in Cambodia to achieve sound and market-based financial system.
By implementing the FSDP 2001-2010, the RGC has made some major achievements in
strengthening the banking sector and developing non-banking sector such as insurance.
As a result of acceleration of Cambodia’s economic development and challenges faced in
implementing the FSDP 2001-2010, the RGC determined to revise and update the FSDP
2001-2010 to reflect the circumstances and the need of the country.
The RGC implemented the above initiative in two stages. The first stage was the review of
the current status of the financial sector in Cambodia: a stocktaking and analytical exercise
as of January 2005. The results of this exercise are being published simultaneously with
this document. The second stage was to revise and update the FSDP 2001-2010 as to
address priorities and sequencing for the period of 2006-2015, building upon the lessons
learned during the initial five years of implementation of the FSDP 2001-2010 and the
objectives of the RGC as reflected in the Rectangular Strategy of Samdech Prime Minister
Hun Sen, the National Strategic Development Plan 2006-2010 and Cambodia’s Millennium
Development Goals.
During the first six months of 2006, a government working group comprising
representatives from the National Bank of Cambodia (NBC), the Ministry of Economy
and Finance (MEF), the Ministry of Commerce (MoC), and stakeholders in Cambodia’s
financial sector worked closely with ADB technical team and development partners
through a consultative process to develop this Financial Sector Development Strategy
2006-2015 (FSDS 2006-2015). In summary, the FSDS 2006-2015 has been developed
based on broad and inclusive participatory approach with all stakeholders in the financial
sector in Cambodia.
The overall objective is a coherent, pragmatic and sustainable approach to financial sector
development in Cambodia. At the same time, the FSDS 2006-2015 is intended to provide,
in addition to guidance, a framework to support coordination and cooperation between
government organs in Cambodia, between government and private sector stakeholders and
actors, and between development partners seeking to support financial sector development
in Cambodia.
ii Financial Sector Development Strategy 2006-2015
Following the initial development process, the draft FSDS 2006-2015 was released for
public consultation in August 2006, particularly among Working Group on Services
including Banking and Finance (Working Group E) and Working Group on Laws,
Taxation and Governance (Working Group D) of the Private Sector Forum and
academic. As a result of this public consultation, comments were received from a wide
range of stakeholders in Cambodia’s financial sector. Comments were discussed, addressed
and incorporated in an appropriate manner.
The FSDS 2006-2015 reflects also the efforts of the Committee for Economic and
Financial Policy, the Steering Committee for Financial Sector Development and its
Technical Working Group. Their inputs and responsibilities in fulfilling their mission are
highly valued.
The document was presented to the Council of Ministers and duly adopted on 09th
February 2007.
With its adoption, the RGC will start implementing the strategy to develop sound financial
market in Cambodia in order to bring the benefits to serve the economy. The RGC is
determined to take all necessary actions to establish conditions that will ensure our
competitiveness relative to other financial markets.
Phnom Penh, 26th March, 2007
Keat Chhon Chea Chanto
Senior Minister Governor
Ministry of Economy and Finance National Bank of Cambodia