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IMF, ECB, global banks laud Chea Serey as NBC chief

Chea Serey is appointed as the governor of the National Bank of Cambodia (NBC).
Chea Serey is appointed as the governor of the National Bank of Cambodia (NBC). Hong Menea

IMF, ECB, global banks laud Chea Serey as NBC chief

A multitude of international financial institutions and central banks have congratulated and expressed confidence over Chea Serey’s appointment as governor of the National Bank of Cambodia (NBC), acknowledging her expertise and qualification to develop the Kingdom’s banking sector.

Since her appointment earlier this month, the International Monetary Fund (IMF), European Central Bank (ECB) and central banks around the world as well as global financial service providers Visa and Mastercard have conveyed their support to Serey, Cambodia’s first female banker to be appointed to this position.

“I am truly honoured to see a highly qualified woman leading the central bank in your country and I look forward to continuing the very good relations and collaboration between our institutions,” ECB president Christine Lagarde said in a congratulatory note to Serey.

IMF executive director Yati Kurniati also mentioned that she looks forward to continuing the close cooperation with the NBC under Serey’s leadership.

Similarly, the Asian Development Bank (ADB) reiterated its willingness to continue their close cooperation with the NBC while the ASEAN+3 Macroeconomic Research Office lauded Serey’s initiatives, calling them “invaluable contributions to the growth of Cambodia’s economy and the strengthening of regional financial cooperation”.

The Central Bank of Luxembourg, Bank of Japan, Bank of Korea and the Monetary Authority of Singapore praised her “outstanding leadership and clear vision for the future development of the Cambodian banking sector”.

The NBC’s relationship with the Central Bank of Luxembourg has evolved in the last 20 years in areas of central banking functions, capacity building and sponsorship programmes at the University of Luxembourg and central bank, said governor Gaston Reinesch.

“We trust that our bilateral cooperation will continue to strengthen,” he added.

Serey also received praise from the Cambodian government and congratulatory messages from institutions, foreign embassies and missions in Cambodia, and the banking and financial sectors.

She was appointed as NBC governor following her promotion to deputy governor from central bank director-general Chea Chanto in March.

Her appointment was endorsed by the King through a July 29 Royal Decree, which essentially sees her replacing her father Chanto who held the governor post since 1998.

During her time at the central bank, which she joined in 2002, Serey has concentrated on promoting greater independence in Cambodia’s economic and monetary policy, improving financial literacy, encouraging the use of riel, and developing interbank markets and retail payment infrastructure.

She also spearheaded the development of NBC’s Bakong interbank transaction system and a new generation of blockchain-driven payment solutions.


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