The National Bank of Cambodia Platform (NBCP) refer a modular system that consist of different modules that allows financial institutions to conduct electronic transactions with other NBCP members or with the National Bank of Cambodia. The NBCP functions include auction, securities registering, trading of government bonds/foreign exchange between members, securities custody, trade settlements, interbank placement (both secured and unsecured), and transaction information for investors. Participants may negotiate the deal before agreeing to buy/sell the orders.

Please refer to this link Link for most recent bidding and settlement time.

The calculation methodology for interest rate is actual/actual. Therefore, calculation of accrued interest is based on the actual numbers of day.

Participants can use this provided template to calculate required collateral with haircut Link .

Please refer to this link Link for most recent bidding and settlement time.

User shall follow below steps:

1. Log in to your NBCP blockchain module account.
2. On the left-hand side menu, navigate to the Report menu.
3. Click "My Deal History" to view a list of all your trade history.
4. The NCD Trade Tickets are listed in the table; identify trades by the ID column on the left.
5. To view more details for a specific security, click the eye icon under the Auction column.
6. Use the buttons at the bottom right to export the deal log in PDF or Excel format.

After submitting a bid, bidders can check the status of the results by navigating to the 'Award Auction' section within the 'Primary Market' menu on the NBCP.

Participants can use this provided template to calculate price for the NCDs that request Buy Back from the NBC Link. The rate is determined by using the latest issued rate for the particular tenor plus spread (5 basis point, as of Dec 2025) that is set by the NBC. Participants can request Monetary Markets Department for specific discount rate.

On the maturity date of monetary instument, the settlement is scheduled on Thursday (Working day). If that settlement date falls on a public holiday, settlement of matured instruments will be processed to the next business day.

Please refer to this link Link for latest operation time.

The Reference Rate express monetary stance and is an implicit targeted interest rate, currently being 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 for a one week maturity. In other words, it is the rate applied to loans that banks may borrow from the NBC. 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 Rate as a benchmark when 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.

The National Bank of Cambodia operates an interest rate corridor framework to stabilise short-term money market interest rates and support effective monetary policy transmission. Under this framework, NBC seeks to guide overnight market rates within a corridor defined by its standing deposit facility rate (floor) and its standing lending facility rate, known as the Marginal Lending Facility (MLF) rate (ceiling).
NBC’s reference rate is positioned within this corridor, and monetary operations are conducted to anchor market interest rates around this level. By providing clear upper and lower bounds through its standing facilities, NBC limits excessive volatility in short-term rates and provides predictable signals to market participants.
In a given week, some financial institutions may hold excess liquidity while others face short-term liquidity shortages. Institutions with surplus funds can place deposits with NBC at the deposit facility rate (through NCD 7 days), while institutions with liquidity needs can borrow from NBC through the MLF at a higher rate. Because borrowing from the MLF is more expensive than borrowing in the market, and depositing with NBC yields a lower return than lending in the market, institutions are incentivised to redistribute liquidity among themselves through interbank transactions at rates between the corridor floor and ceiling. This mechanism helps stabilise the overnight interbank rate near the centre of the corridor.
When liquidity conditions in the banking system are not balanced, NBC can adjust system liquidity through open market operations, central bank bill issuance, repos, or liquidity-providing collateralized operations (LPCO). These operations allow NBC to inject or absorb liquidity so that the interest rate corridor continues to function effectively, regardless of whether the system is in a liquidity surplus or deficit. This makes NBC’s corridor framework flexible and applicable across different liquidity environments.
Effective operation of the corridor framework requires NBC to accurately assess and forecast liquidity conditions in the banking system. By calibrating its market operations appropriately, NBC ensures that standing facilities remain backstop tools rather than routine sources of funding, thereby preserving incentives for interbank market activity.
An important design parameter of NBC’s corridor framework is the width of the corridor, defined by the spread between the deposit facility rate and the MLF rate. A narrower corridor helps contain short-term interest rate volatility but may reduce interbank trading by narrowing the benefit of market-based liquidity management. A wider corridor strengthens incentives for interbank activity but allows greater movement in overnight rates. NBC calibrates the corridor width with regard to market development, liquidity conditions, and its broader monetary policy objectives.

Collateral Framework is a set of rules defining which assets (like government bonds, NCDs) counterparts can pledge to secure liquidity provision for certain operations with the central bank.

Yes. Most liquidity-providing operations require eligible collateral, such as:

• Government Securities
• Negotiable Certificate of deposits
• Balance in the account at the NBC

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 Settlement & Collateral section. All collateral must meet specific credit quality and liquidity requirements established by the NBC.

Monetary operations are the activities taken by the NBC 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 central bank injects or withdraws liquidity from commercial banks using financial instruments.

• 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. These actions help maintain orderly conditions in the money market.

The NBC monetary-operation instruments include:

• Liquidity-providing instrument such as LPCO, MLF…
• Absorption instrument such as issuing 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 credit and investment decisions and the 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, the counterpart can participate in monetary operations.

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 National Bank of Cambodia's Monetary Policy Committee meets every six-weeks to review policy settings and make decisions on policy rates and monetary-related policy. Extraordinary meetings may be convened if market conditions require more frequent assessment.

Historical data for various monetary instrument, including LPCO and NCD, is available via the Data Tools section. Users can filter by date range, instrument type, and other parameters to generate customized report.