Phnom Penh, Cambodia – The central banks of Cambodia and the Bank of Central African States (BEAC) have formally agreed to a significant bilateral cooperation initiative aimed at bolstering monetary and financial stability. This strategic partnership is designed to foster inclusive and innovative financial systems, ultimately contributing to the economic development of both Cambodia and the Central African region.
The agreement was solidified during a key meeting held in Phnom Penh on October 22nd. Her Excellency Chea Serey, Governor of the National Bank of Cambodia, met with His Excellency Yvon Sana Bangui, Governor of the Bank of Central African States, for discussions that covered the prevailing economic and financial conditions in their respective regions, alongside exploring avenues for enhanced bilateral collaboration.
A pivotal outcome of this high-level engagement was the signing of a Memorandum of Understanding (MoU) on bilateral cooperation. This MoU outlines a comprehensive framework for joint efforts, signaling a deeper commitment to shared financial and economic goals.
According to a press statement from the National Bank of Cambodia, both governors endorsed a set of priority action programs for the 2027-2028 period. These programs are specifically designed to address critical areas, including the strengthening of institutional and human capacity, driving digital transformation initiatives, promoting financial inclusion, fostering innovation in financial services, and ensuring robust cybersecurity measures. Furthermore, the collaboration will focus on enhancing supervision, modernizing financial infrastructure, and improving the connectivity of payment systems. The central banks committed to ongoing meetings to regularly assess the progress and implementation of this MoU.
Both Governors expressed high optimism regarding the MoU’s potential impact. They anticipate that this collaboration will significantly elevate monetary and financial stability, accelerate innovation, and expand financial inclusion, thereby spurring economic growth not only in Cambodia but also across the Central African Economic and Monetary Community (CEMAC).
Governor Chea Serey, reflecting on the significance of the partnership, shared her perspective on social media on October 24th. She highlighted the cooperation as a unique opportunity for Cambodia to strengthen its diplomatic and economic ties with the African region. “We hope that this cooperation will pave the way for investors from Cambodia and the six African countries to explore mutual opportunities and understanding,” she stated, referring to Cameroon, Equatorial Guinea, Chad, the Central African Republic, Gabon, and the Republic of Congo.
The Bank of Central African States (BEAC) serves as the common central bank for these six member states of the Central African Economic and Monetary Community (CEMAC). During their meeting, the Governors extensively exchanged insights and information concerning the latest developments in their respective economic and financial sectors, reinforcing the foundation for this collaborative venture.
