Table of bank and MFI deposit rates?
Anyone noticed deposit rates curtail effective this April?
NBC capped MFIs lending rates up to 18% p.a. from Apr, so I wonder if there is already impact onto deposit rate as well.
I cross checked a few websites of deposit taking MFIs but just to find it unchanged. Well, they may not have updated the websites yet though.
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NBC capped MFIs lending rates up to 18% p.a. from Apr, so I wonder if there is already impact onto deposit rate as well.
I cross checked a few websites of deposit taking MFIs but just to find it unchanged. Well, they may not have updated the websites yet though.
Sent from my iPhone using Tapatalk
AMK have quietly adjusted their rates during the last month.
Previously they were offering 10.5% for 12mth, 11% for 18mth, 12% for 36mth on KHR deposits. These are the new, substantially lower rates http://www.amkcambodia.com/amk-en-fixed ... t-196.html
Previously they were offering 10.5% for 12mth, 11% for 18mth, 12% for 36mth on KHR deposits. These are the new, substantially lower rates http://www.amkcambodia.com/amk-en-fixed ... t-196.html
YaTingPom wrote:Rates won't change for depositors.
Let me clarify.
Short term the rates will increase. Long term they will return to normal. 12 months time it'll be back to businesses as usual conning the poor.
pew, pew, pew, pew!
Hi everyone,
Do anyone uses CP bank here (Cambodia post bank)? It seems they do have a pretty fixed deposit rate, according to website 8%, don't know how many years..
Do you have detailed rate breakdown? I think it should be "safer" than MFIs, at least it's a bank, but why I didn't see anyone recommend it here? Any suggestion? Thanks.
Do anyone uses CP bank here (Cambodia post bank)? It seems they do have a pretty fixed deposit rate, according to website 8%, don't know how many years..
Do you have detailed rate breakdown? I think it should be "safer" than MFIs, at least it's a bank, but why I didn't see anyone recommend it here? Any suggestion? Thanks.
It's been around only two years so has no track record. Plus it's part of the post office, one of the most pettily corrupt parts of the government. I wouldn't touch it with a barge pole.Ste0919 wrote:Hi everyone,
Do anyone uses CP bank here (Cambodia post bank)? It seems they do have a pretty fixed deposit rate, according to website 8%, don't know how many years..
Do you have detailed rate breakdown? I think it should be "safer" than MFIs, at least it's a bank, but why I didn't see anyone recommend it here? Any suggestion? Thanks.
http://www.phnompenhpost.com/business/c ... an-mfi-12m
Established in 2013, CP (Cambodia Post) Bank is jointly owned by CIHP, (Canadia Investment Holding Plc) which holds a 50 percent stake, and Singapore-based Fullerton Financial Holdings, with a 45 percent stake. State-owned Cambodia Post holds the remaining 5 percent share.
Should be good for the medium term at least.
Although personally, I'd go with Sathapana Bank or Hattha Kaksekar Limited for a similar rate and perhaps better security.
Established in 2013, CP (Cambodia Post) Bank is jointly owned by CIHP, (Canadia Investment Holding Plc) which holds a 50 percent stake, and Singapore-based Fullerton Financial Holdings, with a 45 percent stake. State-owned Cambodia Post holds the remaining 5 percent share.
Should be good for the medium term at least.
Although personally, I'd go with Sathapana Bank or Hattha Kaksekar Limited for a similar rate and perhaps better security.
I popped into my local Prasac after work today to open another term deposit account.
Whilst I was there the teller told me that they are adjusting their rates for term deposits on September 1st.
I asked if she knew if they would be increasing or decreasing the interest rate and she showed me the internal memo; they will be reducing their rates quite dramatically. Most account options were about 3/4% less than their current rates. The account type I had just opened, a 36mth Riel account currently offers 10.3% it will be reduced to 7.4%.
I didn't get a chance to look at the document closely, the teller was verbally reprimanded by her supervisor and she withdraw the memo from the counter and apologised.
Whilst I was there the teller told me that they are adjusting their rates for term deposits on September 1st.
I asked if she knew if they would be increasing or decreasing the interest rate and she showed me the internal memo; they will be reducing their rates quite dramatically. Most account options were about 3/4% less than their current rates. The account type I had just opened, a 36mth Riel account currently offers 10.3% it will be reduced to 7.4%.
I didn't get a chance to look at the document closely, the teller was verbally reprimanded by her supervisor and she withdraw the memo from the counter and apologised.
I hope this info doesn't spread onto Facebook. The girl will probably get sacked!
Thanks though for the info. Interesting.
Thanks though for the info. Interesting.
pew, pew, pew, pew!
Wow, if this is true it's a big deal... as far as I could tell Prasac currently has the highest interest rates and it looks like they are going to cut it quite dramatically.Rama wrote:I popped into my local Prasac after work today to open another term deposit account.
Whilst I was there the teller told me that they are adjusting their rates for term deposits on September 1st.
I asked if she knew if they would be increasing or decreasing the interest rate and she showed me the internal memo; they will be reducing their rates quite dramatically. Most account options were about 3/4% less than their current rates. The account type I had just opened, a 36mth Riel account currently offers 10.3% it will be reduced to 7.4%.
I didn't get a chance to look at the document closely, the teller was verbally reprimanded by her supervisor and she withdraw the memo from the counter and apologised.
I assume that current rates would continue to apply to deposits that have already been made before Sep. 1st?
I got hold of a copy of the memo:
Quite a large reduction.
You'll notice that Riel/USD/THB rates are now very similar to each other, and that their is no longer a difference in rate for terms over 12mth (i.e. 18/24/36mth offer the same rate).
An unexpected move as they only just, this month, printed and issued glossy pamphlets with the current/old rate and their new logo.
They'll have to remove all those pamphlets on September 1st.
Actually, on the 1st of August their Monivong branch moved across and up the road from their old branch and the top 2/3rds of their new branch has a billboard proclaiming their (soon to be obsolete)9.75% 12mth term account.
Wonder why they've suddenly decided to adjust their rates?
Quite a large reduction.
You'll notice that Riel/USD/THB rates are now very similar to each other, and that their is no longer a difference in rate for terms over 12mth (i.e. 18/24/36mth offer the same rate).
An unexpected move as they only just, this month, printed and issued glossy pamphlets with the current/old rate and their new logo.
They'll have to remove all those pamphlets on September 1st.
Actually, on the 1st of August their Monivong branch moved across and up the road from their old branch and the top 2/3rds of their new branch has a billboard proclaiming their (soon to be obsolete)9.75% 12mth term account.
Wonder why they've suddenly decided to adjust their rates?
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I had always wondered what the MFIs charged for loans. I figured it was around 30% per annum so I was surprised to hear that the sister-in-law had been approved for a $700 loan at 45% interest for two years. $380 interest on a $700 principal, secured by assets - not a bad business to be in at all.
I know one guy who owns an MFI with partners, he showed me his books and needless to say the company is in very good condition.
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