In case anyone is initially fooled, take note that the chart that appears in the Phnom Penh Post looking like financial education news is actually a misleading advertisement. Prasac lists only those banks and MFIs that have *worse* rates than they do! I know of at least four who can do better than Prasac. Examples in point are AMRET for a MFI, BDI for a bank and CMK for a credit union.
It is a clever ruse - all are alphabetical except Prasac. The chart is useful only to know...
1. Where not to go (ANZ for 3 mth USD; Maruhan for 3 mth riel; ANZ for 6 mth USD or riel; CMB for 12 mth USD; Maruhan for 12 mth riel)
2. Who is second best to Prasac (ACLEDA for 12 mth riel; ACLEDA and Canadia for six or 3 month riel; ABA, UCB and CAB for 12 mth USD etc)
It also doesn't mention that some financial businesses (I refuse to call five-year old lending businesses 'institutions') offer three year term deposits.
Buyer and readers beware!
Pracas term deposit chart in PNH Post is an advert
Lol, that's been running for ages. In a proper country the regulator would have had it down after one appearance...
And the ad is rather disingenuous as it compares apples with oranges. A more useful comparison would be with other MFIs.
And it doesn't show the considerable advantage that other MFIs offer with non-standard terms. Maybe I want nine months. At least one MFI does offer.
Also, I find their (?) ads holding out the possibility of a free motorcycle or gold bullion tantamount to encouraging gambling.
And it doesn't show the considerable advantage that other MFIs offer with non-standard terms. Maybe I want nine months. At least one MFI does offer.
Also, I find their (?) ads holding out the possibility of a free motorcycle or gold bullion tantamount to encouraging gambling.
- Lucky Lucan
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Beware of reading any posts by Hermespan. I don't actually believe he's a human being, he's some kind of bank spambot.
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
Notwithstanding the obvious issues re comparing like for like, you can't argue that the rates are damn good. Of course there is both institutional and currency risk, but after getting zilch in the UK and Hong Kong where I've been living in recent years, I can't wait to invest at least a little in one or two of these organisations when I arrive next month.
As far as I recall it was not started as an advert but as an editorial/content to inform readers about rates, but clearly was created with finding a banking sugar daddy as an advertising objective.
ANZ Royal had sponsored something similar for the exchange rates and it makes sense for an MFI to use this to promote their higher interest rates since they are better than the banks.
I don't believe the sponsor has any control over what durations and terms are being listed, the last time I took a look they were still following the same format that has been in the paper every Monday since around 2009 or 2010.
Other banks and MFIs can request to be included but I guess a lot of MFIs don't focus on urban expats.
ANZ Royal had sponsored something similar for the exchange rates and it makes sense for an MFI to use this to promote their higher interest rates since they are better than the banks.
I don't believe the sponsor has any control over what durations and terms are being listed, the last time I took a look they were still following the same format that has been in the paper every Monday since around 2009 or 2010.
Other banks and MFIs can request to be included but I guess a lot of MFIs don't focus on urban expats.
+ 1,000,000 rielLucky Lucan wrote:Beware of reading any posts by Hermespan. I don't actually believe he's a human being, he's some kind of bank spambot.
I'm awaiting a post by Master Hermespan lamenting that the cash deposit machines he's so fond of don't accept 100 riel notes, which obviously means that the banks are only interested in those investors rolling in the big dollars. It's a shame these machines don't accept 20 and 50 baht notes in Thailand either.
Lucky Lucan wrote:Beware of reading any posts by Hermespan. I don't actually believe he's a human being, he's some kind of bank spambot.
I'm sure he is a human being, in fact, he's Fred Astaire's choreographer if I'm not mistaken. And old Fred married a chick young enough to be his granddaughter, didn't he? No gay dancer, he.
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