Thursday, August 27, 2009

Cambodian Banking Sector OK

Yet another gem from our beloved Neo-Khmer Rouge mouthpieces:

PHNOM PENH, Aug. 27 (Xinhua) -- Public confidence in Cambodia's banking sector is growing and has managed to withstand the onslaught from the global economic crisis, local media reported on Thursday, quoting the director general of the National Bank of Cambodia (NBC).

And yet another:

Radio France Internationale reports that:

Mrs. Tal Nai Im, director general of the National Bank of Cambodia (NBC), expressed worries that, if the world financial crisis persists, its secondary effect will have a negative impact on the Cambodian bank sector. During the recent period of financial crisis, Cambodian banks were not directly affected.

Ya, not affected, if you believe that, I have a bridge over the Mekong for sale, CHEAP. Do these IDIOTS read their own monthly reports? Do they read their own press statements in the Khmer local press over say, the last 6 months...oh ya, I forgot, they get redacted periodically by the Thought Police.

Impact of the worldwide financial crisis on the banking sector in Cambodia and future prediction were two topics of discussion raised by Mrs. Tal Nai Im, NBC director general, during a roundtable discussion organized by the Club of Cambodian Journalists. Tal Nai Im indicated that the secondary effect of the financial crisis could have a negative impact on the banking sector in Cambodia because of the increasing amount of stagnant loans, i.e. bank loan borrowers during the financial crisis period do not have the ability to pay back their loans to the bank because of the stagnation of their businesses, and the loans borrowed to build houses or buy lands could not be returned to the banks either. Tal Nai Im added that the stagnant loan funds increased from 3.7% in December 2008 to 5.2% in May 2009.

I would bet dollars to spring rolls that it is a lot higher than 5.2%

Currently, Cambodia has 35 banks and 45 financial institutions that are under the supervision and review of the NBC. There are currently 820,284 bank loan borrowers, i.e. 6% of the 14 million population of Cambodia. The amount of bank deposits is $2.9 billion, and the amount of loans is $2.4 billion.

Holy Shit, talk about obfuscation, 35 banks and 45 financial many money laundering banks have opened since the financial crisis in Cambodia? Quite a few, I might say. Add to that the fact that you say that of those banks, criminal or otherwise, they have loaned out MORE than the GNP of the entirety of Cambodia recently? MORE than the entirety of the money LOANED to the government of Cambodia this year and last combined? If this is this case, what the hell is going on? There are so many poor here now, who the FUCK are you loaning this money to? Our local rice farmer? Our local spiced egg salesman? No, not any of them, BAD RISKS, eh? Something REEKS of bullshit here...

At the explosion of the financial crisis at the end of 2008, Cambodian banks were not seriously affected. However, Tal Nai Im indicated that the worldwide financial crisis caused a drop in garment export, tourism, construction, as well a drop in real estate prices in Cambodia.

Thank you for your brilliant insight, Tal Nai. I am sure the starving book sellers, flower girls, rural people and hostesses appreciate your insights.
Oh, wait, time for another crackdown.

Don't get me wrong, I love this country, and I support the current government, given the alternatives. But the stupidity and greed of some members of the government of our beloved Iron Man is simply amazing. The pure doublethink of some of the Ministries is just, well, stupefying.

Ok, enough politics, back to black humor, bargirls, and big boobs.

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