នាយកដ្ឋានទីផ្សាររូបិយវត្ថុ

Eligibility for NBC's monetary operations is determined by several factors including the institution's licensing status, capital adequacy, and compliance history. Specific criteria are outlined in the Monetary Operations Framework. Counterparties must be licensed banks or financial institutions in Cambodia and meet minimum capital and governance requirements.

The National Bank of Cambodia's Monetary Policy Committee meets quarterly to review policy settings and make decisions on policy rates and other monetary policy instruments. Extraordinary meetings may be convened if market conditions warrant more frequent assessment. Policy statements are published following each decision.

The NBC accepts a range of high-quality collateral including government securities, NBC bills, and other approved instruments. The complete list of eligible collateral and applicable haircut rates is available in the Collateral Framework. All collateral must meet specific credit quality and liquidity requirements established by the NBC.

Historical data for various monetary market indicators, including KHR/USD exchange rates, interbank interest rates, and liquidity aggregates, is available via the Data Tools section. Users can filter by date range, instrument type, and other parameters to download customized datasets. For more detailed historical data requests, please contact the Statistics Department.

The Reference Rate is the target interest rate in Cambodia,, and it is the rate on LPCO 7 days set by the central bank.It is the interest rate charged when the central bank provides liquidity to commercial banks and financial institutions. In other words,it is the rate applied to loans that banks may borrow from the central bank. Because this rate influences banks’ funding costs, it affects the interest rates they charge and offer in the market. Many financial institutions use the Reference Ratewhen setting the interest rate on their loans. For example, when the Reference Rate is decreased, banks typically reduce interest rates in the interbank market, on loans to customers,and on savings and deposits. In contrast, when the Reference Rate is raised,banks usually increase these rates accordingly.

Interest rates influence economic activity by affecting the spending and saving decisions of households and businesses, which in turn shape inflationary pressures in the economy. When interest rates increase, borrowing costs rise. Higher repayments on mortgages and loans reduce households’ disposable income, limiting their ability to spend on goods and services. At the same time, higher interest rates make saving more attractive and discourage borrowing for consumption and investment. As a result,overall demand in the economy tends to moderate. With weaker demand, businesses are less likely to raise prices. Slower price increases contribute to a reduction in inflation.Conversely, when interest rates decline, borrowing becomes less costly and repayments on existing loans decrease. This increases households’ disposable income and encourages both consumption and investment. Lower returns on savings may also reduce incentives to save,further supporting spending.Stronger demand allows businesses greater scope to increase prices. If sustained, this can lead to higher inflation.

Monetary operations are the activities taken by the central bank to manage liquidity and short- term interest rates in the banking system. Through these operations, the central bank steers market interest rates toward its policy or Reference Rate and supports stable prices and a well-functioning banking system.

The main purpose of monetary operations is to ensure that there is neither too much nor too little money in the banking system. By managing liquidity, the central bank helps keep short-term interest rates close to the Reference Rate, which in turn influences borrowing, saving, spending, and inflation in the economy.

Monetary policy sets the objective, such as the Reference Rate or inflation target. Monetary operations are the tools used to implement that policy on a day-to-day basis in the money and financial markets.

The central bank injects or withdraws liquidity from commercial banks using financial instruments such as:

• When there is too little liquidity, the central bank provides funds to banks so they can meet their payment needs and continue lending.
• When there is too much liquidity, the central bank absorbs excess funds to prevent interest rates from falling too low.

Common central bank monetary-operation instruments include:

• Lending tools (LPCO, MLF…)
• Deposit or absorption tools (central bank bills…)
• Open market operations such as buying and selling government bonds

The choice of instruments depend on market conditions and policy objectives.

Although monetary operations are conducted between the NBC and financial institutions, their effects reach households and businesses. By influencing interbank market interest rates, monetary operations affect loan and deposit rates, thereby influencing investment decisions and overall economic activity.

Eligibility to participate in NBC’s monetary operations depends on several factors, including an institution’s operational readiness, financial soundness, and record of regulatory compliance. Currently, banks and financial institutions licensed by the National Bank of Cambodia may apply to become NBCP members and, once approved, participate in monetary operations.