ID Cards or Family Books and Residential Books Cannot be used as Collaterals for Loans
The National Bank of Cambodia has noticed there are banks, financial institutions and rural credit operators that are still accepting ID cards, family books and/or residential books as collaterals for granting loans. Notification No. B7-018-008 N.I on Prohibition of Accepting Identification Card or Family Book and Residential Book as Securities for Granting Loan dated 17 July 2018 was issued to serve as a reminder to these institutions of the sanctions of such unlawful practice.
Changes to the National Social Security Fund Health Benefits
On 25 April 2018, the Ministry of Labour and Vocational Training issued a Prakas to amend certain articles of a Prakas issued in 2016 regarding health benefits.
Law on Minimum Wage
On 6 July 2018, the Law on Minimum Wage was promulgated to set out the criteria and procedure for determining the minimum wage. This law aims to promote the livelihood of workers and increase their productivity, as well as encourage an investment-friendly environment.
MOC to Stop Accepting By-laws
On 12 July 2018, the Ministry of Interior issued an announcement addressed to the Ministry of Commerce ("MOC") to clarify MOC's competence and authority over local associations and non-governmental organizations.
Disadvantages of Dealing with Unlawful Lenders
Recently, the National Bank of Cambodia (“NBC”) noticed that there are many active loan providers that are operating without the license and hence, unlawful, and have been advertising themselves as lawful loan providers through different forms of media such as social media, leaflet and text messages. As a result, many have become victims of these unlawful loan providers.
On 29 June 2018, NBC issued Announcement No. B17-018-007 P.A to spread awareness to the public about unlawful loans, by pointing out the disadvantages of seeking financial support from unregulated loan providers.