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    Home»Coupons»Government Bond Yields Rise to 3.48%
    Coupons

    Government Bond Yields Rise to 3.48%

    honestcoupondeals_h8tsyfBy honestcoupondeals_h8tsyfJanuary 22, 2023No Comments3 Mins Read
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    The government raised the interest rate on bonds from 2 percent last year to 3.48 percent as deposit rates of banks and financial institutions are on the rise.

    Cambodia’s central bank, the National Bank of Cambodia (NBC), launched its sixth unlimited bond issue on January 25, with the aim of raising funds for national development.

    The bonds will be auctioned through NBC’s platform from 8 a.m. to 2 p.m. local time, with a face value of 1 million riel (about $243) per unit, the NBC statement added.

    The bond will have a fixed interest rate of 3.48% per annum and will be payable every six months, NBC said, adding that the term of the bond is one year.

    The Cambodian government’s first phase of sovereign debt issuance was expected to raise a total of $300 million last year.

    The government plans to raise $200 million from government bonds in 2023, according to the Ministry of Economy and Finance. This will bring direct revenue to the government and ensure investment efficiency, debt management and national budget sustainability.

    It plans to issue $200 million in Treasury bonds to finance approximately $49 million in bonds issued last year and $151 million in projects.

    According to the ministry, investors in government bonds will be exempt from withholding tax on interest earned from holding and trading government bonds by 50%, and capital gains from the purchase and trading of government bonds will be tax-free for three years.

    A successful issuance of the securities will allow the government to finance large-scale infrastructure projects such as roads, railways and airports, said Hong Sok Hour, chief executive of the Cambodia Stock Exchange. .

    “The Cambodian government now has access to funds from overseas partners. If foreign sources of capital decrease as Cambodia develops, we will need to have our own sources of capital. is a step towards securing the future,” said Sok Hour. Khmer Times.

    Deputy Prime Minister and Minister of Economy and Finance Aun Pornmoniroth previously said the sovereign bonds would allow the government to raise funds for social and economic development projects.

    He added that the bond will act as a new financial instrument for institutional investors such as banks, insurance companies, the National Social Security Fund and pension funds.

    Interest rates are rising for both KHR and USD deposits and loans, but banks’ USD rates are rising faster than microfinance institutions, according to NBC.

    The bank’s KHR deposit rate stood at 7.11% this year, up from 6.16% last year, according to an NBC report.

    US dollar bank deposit rates increased from 4.74% to 5.64% annually, and MFIs increased from 7% in 2021 to 7.41%.

    A number of Cambodian banks and microfinance institutions (MFIs) have increased interest rates on deposits in dollar and riel currencies, with the Federal Open Market Committee of the US Central Bank Federal Reserve raising the target range for federal funds.

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