NBC warns against bank ‘propaganda’
The central bank announced yesterday that all financial institutions are required to declare that they are a “Private Institution” on all company signage and that it must be displayed in appropriate locations in order to differentiate from state-owned institutions.
The National Bank of Cambodia (NBC) said in the announcement that it has observed that some private financial institutions “use propaganda” to deceive customers into believing that they are state-owned institutions as means of pressuring borrowers to repay their debts.
“Such propaganda negatively affects the development of Cambodia’s financial sector,” the announcement said. It added that financial institutions need to reinforce transparency when issuing loans and educating staff to avoid using undo force when collecting debts.