www.khmer440.com
  • Quick links
    • Unanswered topics
    • Active topics
    • Search
  • FAQ
  • Login
  • Register
  • Khmer440 Board index Money, Banking and Insurance
  • Advanced search
  • Search
Ad blocker detected: Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by disabling your ad blocker on our website.

Greed and Power

Love it or loathe it, we all need it. This is a forum to discuss all aspects of money matters in Cambodia including banks, exchange rates, ATMs, insurance policies and savings products.
Reply As Guest Login & Reply
Advanced search
336 posts
  • Page 1 of 24
    • Jump to page:
  • 1
  • 2
  • 3
  • 4
  • 5
  • …
  • 24
  • Next
Abou-Gor
I need professional help
Reactions: 0
Posts: 1034
Joined: Tue Jul 26, 2016 5:25 pm

Greed and Power

  • Quote as guest
  • Quote as member

Post by Abou-Gor » Tue Mar 14, 2017 7:48 am

What will happen to all those expats who were making a nice profit on charging desperately poor folk 38% interest. Maybe they'll lose their homes and have to become tuk tuk drivers.
The pm is sounding more and more desperate each day.
http://www.phnompenhpost.com/national/m ... est-capped
MFI loan interest capped
Tue, 14 March 2017
Kong Meta, Hor Kimsay and Erin Handley
The National Bank of Cambodia (NBC) has capped interest on microfinance loans to a maximum of 18 percent per year, an unprecedented move that came on the direct orders of Prime Minister Hun Sen, Defence Minister Tea Banh said yesterday – a decision some experts suggested had political overtones and could have unintended negative consequences for the poor.

The step, which will nearly halve what some microfinance institutions (MFIs) currently charge, comes in the wake of a recent campaign by the government to publicly distance themselves from lenders by forcing nationwide overhauls of bank and MFI logos, and to declare it “illegal” for any party to promise to cancel MFI debts.

Reached yesterday after a speech delivered on Sunday to more than 800 ruling party commune candidates in Siem Reap, Banh said that while the issue fell outside his defence portfolio, he was speaking on behalf of the premier, who floated the populist rate cap in November.

“I just [repeated] the words of the premier, [who ordered] the bank to restrict the MFI to set the [maximum] interest rate at 18 percent. The bank will do it,” he said.

The NBC made good on Banh’s pledge just hours later, announcing yesterday afternoon that the new rate ceiling would be imposed on all MFIs from April 1, in what appears to be a direct contradiction to advice from one of the bank’s economic researchers, Leng Soklong, who only three months ago warned an interest rate cap was bad policy.

According to the 2016 annual report of the NBC, 1.9 million MFI clients took out a total of $3 billion in loans, making the average loan about $1,500.

AMK CEO Kea Borann said a loan of that size would attract an interest rate of 25 to 30 percent per year, depending on individual risk. The bank’s new directive will mean the maximum that MFIs can charge will be severely curtailed.

Banh stressed the move was “not connected” to the upcoming elections in June, but was instead about “relieving the burden” of those who borrow and struggle to pay back loans in the face of too-high interest rates.

“I think the people will be happy with us, because we really care about them,” he said.


According to the 2016 annual report of the NBC, 1.9 million MFI clients took out a total of $3 billion in loans, making the average loan about $1,500.

AMK CEO Kea Borann said a loan of that size would attract an interest rate of 25 to 30 percent per year, depending on individual risk. The bank’s new directive will mean the maximum that MFIs can charge will be severely curtailed.
...
> 0
Last edited by Abou-Gor on Tue Mar 14, 2017 8:21 am, edited 2 times in total.
Top

User avatar
ricecakes
I Fap to 440
Reactions: 101
Posts: 9314
Joined: Mon Jul 23, 2012 9:05 pm

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by ricecakes » Tue Mar 14, 2017 7:55 am

pardon my ignorance but why is the Defence Minister now spokesman on Financial matters ? :-?
> 0
Rated R for Ricecakes
Top

User avatar
Lucky Lucan
K440 Knight Captain
Reactions: 307
Posts: 20871
Joined: Fri Mar 04, 2011 12:24 pm
Location: The Pearl of the Orient

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by Lucky Lucan » Tue Mar 14, 2017 8:07 am

Abou-Gor wrote:What will happen to all those expats who were making a nice profit on charging desperately poor folk 38% interest.
How many ex-pats own MFIs? Close to zero I'd guess.
> 0
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
Top

Abou-Gor
I need professional help
Reactions: 0
Posts: 1034
Joined: Tue Jul 26, 2016 5:25 pm

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by Abou-Gor » Tue Mar 14, 2017 8:13 am

Lucky Lucan wrote:
Abou-Gor wrote:What will happen to all those expats who were making a nice profit on charging desperately poor folk 38% interest.
How many ex-pats own MFIs? Close to zero I'd guess.
i think you maybe wrong. sure the teachers probably don't have the disposable income to invest; otherwise, i expect they would. but a lot of retirees have portfolios and lets not forget all the dodgey businessmen and expat professional class (lmao).
Stephen Higgins, managing partner of local investment firm Mekong Strategic Partners, said yesterday’s announcement was a “surprising move by the NBC”.

...
“This is surely going to affect my business ... It is very difficult for us to earn a profit as everything keeps increasing, like the staff’s salary, which increases year by year,” he said...
boo hoo. sell the Lexus, give up the ktv girls and second wives - be faithful for once in your life. stop the Mrs gambling, and don't start selling the kids to compensate.
> 0
Last edited by Abou-Gor on Tue Mar 14, 2017 8:50 am, edited 4 times in total.
Top

User avatar
ផោមក្លិនស្អុយ
I Love 440 More Than Real Life
Reactions: 100
Posts: 2916
Joined: Sun Feb 05, 2017 4:42 pm

Greed and Power

  • Quote as guest
  • Quote as member

Post by ផោមក្លិនស្អុយ » Tue Mar 14, 2017 8:24 am

Abou-Gor wrote:
Lucky Lucan wrote:
Abou-Gor wrote:What will happen to all those expats who were making a nice profit on charging desperately poor folk 38% interest.
How many ex-pats own MFIs? Close to zero I'd guess.
i think you maybe wrong. sure the teachers probably don't have the disposable income to invest; otherwise, i expect they would. but a lot of retirees have portfolios and lets not forget all the dodgey businessmen and expat professional class (lmao).
Are you serious? you reckon retirees are opening MFI's???
Maybe some have informal lending agreements but I'd bet most of those are interest free and a significant number remain unpaid.
Some will have deposits with MFI's to get the attractive returns but they certainly aren't making the loans.
> 0
Top

Abou-Gor
I need professional help
Reactions: 0
Posts: 1034
Joined: Tue Jul 26, 2016 5:25 pm

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by Abou-Gor » Tue Mar 14, 2017 8:34 am

ផោមក្លិនស្អុយ wrote:
Abou-Gor wrote:
Lucky Lucan wrote:
Abou-Gor wrote:What will happen to all those expats who were making a nice profit on charging desperately poor folk 38% interest.
How many ex-pats own MFIs? Close to zero I'd guess.
i think you maybe wrong. sure the teachers probably don't have the disposable income to invest; otherwise, i expect they would. but a lot of retirees have portfolios and lets not forget all the dodgey businessmen and expat professional class (lmao).
Are you serious? you reckon retirees are opening MFI's???
.
i guess you never met Stephen Higgins, managing partner of local investment firm Mekong Strategic Partners, or small investors allan clarke and the boys then.
Some will have deposits with MFI's to get the attractive returns but they certainly aren't making the loans
nice twisting. they're making investments not handing out loans in the main. i meant portfolio of investments - not clients.
> 0
Top

User avatar
Lucky Lucan
K440 Knight Captain
Reactions: 307
Posts: 20871
Joined: Fri Mar 04, 2011 12:24 pm
Location: The Pearl of the Orient

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by Lucky Lucan » Tue Mar 14, 2017 8:47 am

Abou-Gor wrote:
i guess you never met Stephen Higgins.....
I guess you've never met him either, because your projection of him was fucking retarded.
> 0
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
Top

User avatar
ផោមក្លិនស្អុយ
I Love 440 More Than Real Life
Reactions: 100
Posts: 2916
Joined: Sun Feb 05, 2017 4:42 pm

Greed and Power

  • Quote as guest
  • Quote as member

Post by ផោមក្លិនស្អុយ » Tue Mar 14, 2017 8:53 am

Abou-Gor wrote:
ផោមក្លិនស្អុយ wrote:
Abou-Gor wrote:
Lucky Lucan wrote:
Abou-Gor wrote:What will happen to all those expats who were making a nice profit on charging desperately poor folk 38% interest.
How many ex-pats own MFIs? Close to zero I'd guess.
i think you maybe wrong. sure the teachers probably don't have the disposable income to invest; otherwise, i expect they would. but a lot of retirees have portfolios and lets not forget all the dodgey businessmen and expat professional class (lmao).
Are you serious? you reckon retirees are opening MFI's???
.
i guess you never met Stephen Higgins, managing partner of local investment firm Mekong Strategic Partners, or small investors allan clarke and the boys then.
Some will have deposits with MFI's to get the attractive returns but they certainly aren't making the loans
nice twisting. they're making investments not handing out loans in the main. i meant portfolio of investments - not clients.
I'm struggling to understand your point.
Are you suggesting that there should be consequences for those who invest with a MFI?
> 0
Top

Abou-Gor
I need professional help
Reactions: 0
Posts: 1034
Joined: Tue Jul 26, 2016 5:25 pm

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by Abou-Gor » Tue Mar 14, 2017 8:57 am

ផោមក្លិនស្អុយ wrote:
Abou-Gor wrote:
ផោមក្លិនស្អុយ wrote:
Abou-Gor wrote:
Lucky Lucan wrote:
Abou-Gor wrote:What will happen to all those expats who were making a nice profit on charging desperately poor folk 38% interest.
How many ex-pats own MFIs? Close to zero I'd guess.
i think you maybe wrong. sure the teachers probably don't have the disposable income to invest; otherwise, i expect they would. but a lot of retirees have portfolios and lets not forget all the dodgey businessmen and expat professional class (lmao).
Are you serious? you reckon retirees are opening MFI's???
.
i guess you never met Stephen Higgins, managing partner of local investment firm Mekong Strategic Partners, or small investors allan clarke and the boys then.
Some will have deposits with MFI's to get the attractive returns but they certainly aren't making the loans
nice twisting. they're making investments not handing out loans in the main. i meant portfolio of investments - not clients.
I'm struggling to understand your point.
Are you suggesting that there should be consequences for those who invest with a MFI?
Against the wall and shot. :lol:
No, there should be laws against it. not the small loans, but the 30% p a returns on 1500$ loans to the poor.

Why don't you self-regulate?
After all, i presume you live here and have opened your eye to what shit the poor have to put up with here.
I know - only when convenient to yourself.
> 0
Top

gavinmac
Making Khmer girls cry since 2003
Reactions: 69
Posts: 21212
Joined: Thu Dec 11, 2003 10:15 pm

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by gavinmac » Tue Mar 14, 2017 9:06 am

But no one's going to loan money to poor people at 10% a year. They're terrible credit risks.
> 0
Follow my lame Twitter feed: @gavin_mac
Top

Abou-Gor
I need professional help
Reactions: 0
Posts: 1034
Joined: Tue Jul 26, 2016 5:25 pm

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by Abou-Gor » Tue Mar 14, 2017 9:14 am

Lucky Lucan wrote:
Abou-Gor wrote:
i guess you never met Stephen Higgins.....
I guess you've never met him either, because your projection of him was fucking retarded.
:lol: i guess you missed the ... :-? didn't you read the article?
if this friend of yours isn't charging 30% on small loans to poor uneducated farmers, i'd be very surprised.
> 0
Last edited by Abou-Gor on Tue Mar 14, 2017 9:26 am, edited 1 time in total.
Top

User avatar
ផោមក្លិនស្អុយ
I Love 440 More Than Real Life
Reactions: 100
Posts: 2916
Joined: Sun Feb 05, 2017 4:42 pm

Greed and Power

  • Quote as guest
  • Quote as member

Post by ផោមក្លិនស្អុយ » Tue Mar 14, 2017 9:25 am

gavinmac wrote:But no one's going to loan money to poor people at 10% a year. They're terrible credit risks.
Exactly. This is the key point.
Even at 15-18% there could be little profit.
> 0
Top

User avatar
Lucky Lucan
K440 Knight Captain
Reactions: 307
Posts: 20871
Joined: Fri Mar 04, 2011 12:24 pm
Location: The Pearl of the Orient

Re: Greed and Power

  • Quote as guest
  • Quote as member

Post by Lucky Lucan » Tue Mar 14, 2017 9:26 am

This twit is up to his old trick of editing posts after they've been replied to. :roll:
> 0
Romantic Cambodia is dead and gone. It's with McKinley in the grave.
Top

User avatar
ផោមក្លិនស្អុយ
I Love 440 More Than Real Life
Reactions: 100
Posts: 2916
Joined: Sun Feb 05, 2017 4:42 pm

Greed and Power

  • Quote as guest
  • Quote as member

Post by ផោមក្លិនស្អុយ » Tue Mar 14, 2017 9:27 am

Abou-Gor wrote:
ផោមក្លិនស្អុយ wrote:
Abou-Gor wrote:
ផោមក្លិនស្អុយ wrote:
Abou-Gor wrote:
Lucky Lucan wrote:
Abou-Gor wrote:What will happen to all those expats who were making a nice profit on charging desperately poor folk 38% interest.
How many ex-pats own MFIs? Close to zero I'd guess.
i think you maybe wrong. sure the teachers probably don't have the disposable income to invest; otherwise, i expect they would. but a lot of retirees have portfolios and lets not forget all the dodgey businessmen and expat professional class (lmao).
Are you serious? you reckon retirees are opening MFI's???
.
i guess you never met Stephen Higgins, managing partner of local investment firm Mekong Strategic Partners, or small investors allan clarke and the boys then.
Some will have deposits with MFI's to get the attractive returns but they certainly aren't making the loans
nice twisting. they're making investments not handing out loans in the main. i meant portfolio of investments - not clients.
I'm struggling to understand your point.
Are you suggesting that there should be consequences for those who invest with a MFI?
Against the wall and shot. :lol:
No, there should be laws against it. not the small loans, but the 30% p a returns on 1500$ loans to the poor.

Why don't you self-regulate?
After all, i presume you live here and have opened your eye to what shit the poor have to put up with here.
I know - only when convenient to yourself.
You are all over the place... I can't work out if your issue is with investors or lenders or both.
So carry on and debate with yourself.
> 0
Top

Guest Reply


This question is a means of preventing automated form submissions by spambots.
 
Login & Reply

336 posts
  • Page 1 of 24
    • Jump to page:
  • 1
  • 2
  • 3
  • 4
  • 5
  • …
  • 24
  • Next
  • Similar Topics
    Replies
    Views
    Last post
  • Power out
    Last post by YaTingPom « Sun Jul 28, 2019 12:26 pm
    Posted in Cambodia Speakeasy
    Replies: 2
    by OffRoader » Sun Jul 28, 2019 11:14 am » in Cambodia Speakeasy
    Is the power out in the whole city?
    2 Replies
    669 Views
    Last post by YaTingPom
    Sun Jul 28, 2019 12:26 pm
  • Power cut
    Last post by wibblewibble « Thu Jan 07, 2021 6:33 am
    Posted in Cambodia Speakeasy
    Replies: 7
    by 1984 » Sat Jan 02, 2021 11:59 am » in Cambodia Speakeasy
    Anyone else experiencing this power cut? It's unusual timing given the current cool weather.

    Apparently, there was one in Pochentong last night but...
    7 Replies
    600 Views
    Last post by wibblewibble
    Thu Jan 07, 2021 6:33 am
  • PP Power Cuts 15-17th
    Last post by horace « Thu Nov 14, 2019 1:52 pm
    Posted in Cambodia Speakeasy
    Replies: 2
    by Bong Burgundy » Thu Nov 14, 2019 10:02 am » in Cambodia Speakeasy
    User avatar
    Phnom Penh: On November 15, 2019 from 9:00 am to 5:00 pm, electricity will be suspended in 1. Tonle Bassac area of ​​Chamkar Mon (Chak Angre Krom...
    2 Replies
    798 Views
    Last post by horace
    Thu Nov 14, 2019 1:52 pm
  • Sihanoukville Power Cuts
    Last post by shitegeist « Thu Jan 05, 2017 9:19 pm
    Posted in Cambodia Speakeasy
    Replies: 15
    by C-Mon » Thu Jan 05, 2017 4:50 pm » in Cambodia Speakeasy
    • 1
    • 2
    What's going in in KPS? Since yesterday the amount of blackouts rose to an unusual amount. I didn't count anymore, but it's coming and going the last...
    15 Replies
    2454 Views
    Last post by shitegeist
    Thu Jan 05, 2017 9:19 pm
  • LG Power Bank (free)
    Last post by Kampot Homesteader « Thu Jan 05, 2017 6:00 pm
    Posted in Buy and Sell
    Replies: 7
    by ronniedog » Thu Jan 05, 2017 7:14 am » in Buy and Sell
    LG power bank (2 available)

    Perfect for 1 recharge of your phone. Not as powerful as 10k or 20k ones in the market but the advantage is they are...
    7 Replies
    2202 Views
    Last post by Kampot Homesteader
    Thu Jan 05, 2017 6:00 pm

Return to “Money, Banking and Insurance”




 

 



  • Khmer440 Board index
  • Delete cookies

Copyright ©2021 khmer440.com. All rights reserved.

Privacy | Terms