On January 20, 2016, the National Bank of Cambodia and the Central Bank of Myanmar signed a Memorandum of Understanding (MOU) to further enhance e bilateral cooperation between the two institutions.
In the context of the increasingly interconnected and globalized financial markets, this MOU intends to further strengthen cooperation between both monetary authorities in order to facilitate the development of the banking and financial sector in the Kingdom of Cambodia and the Republic of the Union of Myanmar.
Based on the MOU, both authorities would (1) exchange delegations to visit and share experiences with each other; (2) organize seminars and study visits in both countries; exchange information and experience concerning the conduct of monetary policy, foreign exchange management, payment and settlement system, banking regulation and supervision, and organization and the performance of the central banks; and (3) support for commercial banks to open their representative offices or branches in compliance with the related laws and regulations of each country as well as regulations within international commitments.
The MOU would provide an engaging opportunity to the management and technical officials of the two central banks to continue to cooperate closely and more effectively in order to develop and enhance banking stability so as to contribute to financial and macroeconomic development.
The National Bank of Cambodia (NBC), the nation's central bank, is the monetary and supervisory authority. The mission of the NBC is to determine and direct the monetary policy aimed at maintaining price stability in order to facilitate economic development within the framework of the kingdom's economic and financial policy. The NBC conducts this in consultation with the Royal Government and in consideration of the framework of the economic and financial policy of the kingdom. As the monetary authority, the NBC is the sole issuer of the Khmer riel, the national currency. In doing so, this helps maintain monetary stability.