Table of bank and MFI deposit rates?
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- Wun Gwo Pee
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That 11% sounds very tempting Rama. Could you tell me if the interest is paid on maturity or at regular intervals such as monthly or quarterly?
Have you had any issues with them?
Also, without prying too much, how much have you felt comfortable investing in these types of accounts - four figures? Five? More?
Have you had any issues with them?
Also, without prying too much, how much have you felt comfortable investing in these types of accounts - four figures? Five? More?
The rates for their 'fix deposit' accounts are all here http://www.amkcambodia.com/?page=detail ... =835&lg=enalanclarke72 wrote:That 11% sounds very tempting Rama. Could you tell me if the interest is paid on maturity or at regular intervals such as monthly or quarterly?
Have you had any issues with them?
Also, without prying too much, how much have you felt comfortable investing in these types of accounts - four figures? Five? More?
The 11% is for interest paid at maturity at the end of the 18 month term. They do do monthly interest payments but for 1% less (10%)...see the link.
I have a 5 figure sum with them, and the majority of my savings. I feel relatively comfortable investing with them...I'm no economist but their annual reports read well with yearly growth and they have various European partners and certificates of good practice...and I like the return. But I will start to spread my savings between other MFIs when some of my accounts at AMK mature (eggs/baskets)
They have a newly built HQ and are easy to deal with (at the HQ).
Not my own money, just a costumer referral.Rama wrote:12% officially for a 3 year term in Khmer Riel. Sure 12.5% is possible for a large sum...(and certainly possible for jackrossi as he has the gift of the gab and is a bit of a geezer)jackrossi wrote:AMK goes up to 12.5% for long term fixed deposits. Not sure if it is on their brochure or if you have to haggle for it.
Personally I take 11% (rack rate) for 18 months term as 36 months is just so long to wait.
"Those who can, do. Those who can't, teach. Those who can't teach, teach English."
Credit Jacked Camry & LTO
Credit Jacked Camry & LTO
I noticed in the Cambodian daily Amret published their accounts.
Something like $18 million profit.
$250 million on loan.
I've got the majority of my money spread over four MFI's.
Something like $18 million profit.
$250 million on loan.
I've got the majority of my money spread over four MFI's.
pew, pew, pew, pew!
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- I've got nothing better to do
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I tend to use PRASAC as the skirts are shorter and tighter, and the girls always talk to me as if they want to give me a BJ. Who says sex doesn't sell?????
Well, that sounds like a really well informed financial decision!RBD wrote:I tend to use PRASAC as the skirts are shorter and tighter, and the girls always talk to me as if they want to give me a BJ. Who says sex doesn't sell?????
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- Wun Gwo Pee
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Deposits at MFIs seem to be very robust at the moment, according to this from PPP:
Cambodian microfinance institutions recorded $109.55 million – or a 20 per cent increase – in new deposits for the first quarter this year, compared to the same period last year, according to data from the Cambodia Microfinance Association (CMA).
Bun Mony, president of the CMA and CEO of Sathapana, said deposit growth in the last quarter was good and he expected growth for the rest of the year to match the 100 per cent achieved in 2014, if not outperform last year.
“I think this year will be better than last year because of political stability and companies will be able to do better BUSINESS,” Mony said.
Currently, of the 42 MFIs operating in the Kingdom, only seven are licensed by the National Bank of Cambodia to take deposits.
According to the CMA’s numbers, deposits at MFIs, at the end of last year, stood at $896.92 million, more than doubling the $444.98 million reported in 2013.
Mony added that he didn’t expect any new entrants in the deposit-taking business, given that the National Bank of Cambodia is waiting to monitor the performance of the seven MFIs currently allowed to take deposits.
Stephen Higgins, a managing partner at Cambodia-based Mekong Strategic Partners, said that the increase in deposits at MFIs was strong and a quarter by quarter analysis shows that deposits increased 12 per cent last quarter as compared to the fourth quarter in 2014, when the increase was 11 per cent.
“It’s much easier to grow from a small base, but as MFIs get bigger in terms of deposits, it is natural that the rate of growth will slow,” he said.
Sim Senacheert, chief executive officer at Prasac, said that from January to March, his company collected new deposits totalling $50 million, taking Prasac’s total deposits to $345.7 million.
According to Senacheert, increasing a MFIs funds from local and reliable sources was preferred over relying on international fund infusion.
He added that major MFIs had followed the lead of some major banks, to improve the products they offer customers.
“We always upgrade our products by equipping [them with] modern tools, to create convenience for our clients,” he said.
“Deposits at MFIs are growing quite well and very healthy.”
Taking into account last quarter’s deposits, MFIs now have $1.01 billion in deposits and have $2.3 billion in loans.
Cambodian microfinance institutions recorded $109.55 million – or a 20 per cent increase – in new deposits for the first quarter this year, compared to the same period last year, according to data from the Cambodia Microfinance Association (CMA).
Bun Mony, president of the CMA and CEO of Sathapana, said deposit growth in the last quarter was good and he expected growth for the rest of the year to match the 100 per cent achieved in 2014, if not outperform last year.
“I think this year will be better than last year because of political stability and companies will be able to do better BUSINESS,” Mony said.
Currently, of the 42 MFIs operating in the Kingdom, only seven are licensed by the National Bank of Cambodia to take deposits.
According to the CMA’s numbers, deposits at MFIs, at the end of last year, stood at $896.92 million, more than doubling the $444.98 million reported in 2013.
Mony added that he didn’t expect any new entrants in the deposit-taking business, given that the National Bank of Cambodia is waiting to monitor the performance of the seven MFIs currently allowed to take deposits.
Stephen Higgins, a managing partner at Cambodia-based Mekong Strategic Partners, said that the increase in deposits at MFIs was strong and a quarter by quarter analysis shows that deposits increased 12 per cent last quarter as compared to the fourth quarter in 2014, when the increase was 11 per cent.
“It’s much easier to grow from a small base, but as MFIs get bigger in terms of deposits, it is natural that the rate of growth will slow,” he said.
Sim Senacheert, chief executive officer at Prasac, said that from January to March, his company collected new deposits totalling $50 million, taking Prasac’s total deposits to $345.7 million.
According to Senacheert, increasing a MFIs funds from local and reliable sources was preferred over relying on international fund infusion.
He added that major MFIs had followed the lead of some major banks, to improve the products they offer customers.
“We always upgrade our products by equipping [them with] modern tools, to create convenience for our clients,” he said.
“Deposits at MFIs are growing quite well and very healthy.”
Taking into account last quarter’s deposits, MFIs now have $1.01 billion in deposits and have $2.3 billion in loans.
Interestingly I read an article about ANZ (the Australian bank not the ANZ in Cambodia) who lent the money to Phnom Pehn Sugar to clear land and start aggressive sugar cane production. And we all know the repercussions to families living on the land who were allegedly booted off.
Happily I also read that sugar exports have dropped now Tate & Lyle UK), among others, have refused to buy sugar from Cambodia.
ANZ encouraged PPS to repay the loan early thereby washing their hands of any involvement in their business. Nice.
I hope MFI's continue to support communites and not be tempted by profits from industry like the traditional banks do. I remember farmers unions and cooperatives in the UK who all morphed into banks!
Happily I also read that sugar exports have dropped now Tate & Lyle UK), among others, have refused to buy sugar from Cambodia.
ANZ encouraged PPS to repay the loan early thereby washing their hands of any involvement in their business. Nice.
I hope MFI's continue to support communites and not be tempted by profits from industry like the traditional banks do. I remember farmers unions and cooperatives in the UK who all morphed into banks!
pew, pew, pew, pew!
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- I've got nothing better to do
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MFIs are no angels. If anything they take advantage of the poor. They may be good from an investor's standpoint but not necessarily from a borrower's. Take a look at what happened in Nicaragua.
Price of sugar down to 2009 levels- good. Must be time for Queensland cane farmers to start whinging.
Is this a joke? They are almost all absolute sharks.YaTingPom wrote: I hope MFI's continue to support communites and not be tempted by profits from industry like the traditional banks do.
My two cents on this is that I have a niggling concern about this sector and particularly a few of the operators within it. I see AMK mentioned above and I too have some cash with them. It's European (and part Irish) owned but I have no other basis for that trust. If you can get over the profits that are made by your financial institution being used to evangelise Cambodian peasants then Vision Fund (World Vision's money spinner) is probably a safe bet with all that American Christian money behind it. Credit Mutuel is not backed cash wise by the French version but all the developing country MFI's that they are associated with for decades are still afloat. None of others appeal to me although I note GMJS recommending Kredit above so maybe that's OK.
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