In this issue we present Cambodian regulations and information touching on the following:
- The maintenance of reserve requirement against commercial banks’ deposits and borrowings
- Management of importation of non-processed diamonds and exportation of processed diamonds in the implementation of the Kimberley Process Certification Scheme
- Creation of commission for preparing mechanism of health service payment
- Paid holidays for the year 2013 by the Ministry of Labor and Vocational Training
- Promulgation of the Law on Approval on the Agreement between the State of Qatar and the Government of the Kingdom of Cambodia concerning the Regulation of Manpower Employment in the State of Qatar
- BANKING 2012
THE MAINTENANCE OF RESERVE REQUIREMENT AGAINST COMMERCIAL BANKS’ DEPOSITS AND BORROWINGS, Prakas # Th 7-012-140 Bro.Kor (NBC), 13 September 2012
This Prakas aims to inform commercial banks to maintain reserve requirements against deposits and borrowings at a daily average balance equal to 8% in Riels and 12.5% in foreign currencies with the National Bank of Cambodia. The National Bank of Cambodia will provide interest rates as follows: (i) reserve requirements in Riels equal to 8% will bear interest at 0%; (ii) for reserve requirements in foreign currencies equal to 12.5%: 8% will bear interest at 0%, while the remaining 4.5% will bear interest at the rate established under the Prakas on Term Deposit Interest Rate Determination, Deposit on Reserve Requirements, and Banks Capital’s Guarantee in US Dollars Currencies. The Prakas # Th 7-09-020 Bro.Kor, dated 26 January 2009, on the Maintenance of Reserve Requirement against Commercial Banks’ Deposits and Borrowings shall be repealed.
- BUSINESS/COMMERCE 2012
MANAGEMENT OF IMPORTATION OF NON-PROCESSED DIAMONDS AND EXPORT OF PROCESSED DIAMONDS IN THE IMPLEMENATION OF KIMBERLEY PROCESS CERTIFICATION SCHEME, Sub-Decree #174 (RGC), 11 October 2012
This Sub-Decree aims to promote investment in the diamond sector and to prevent importation and exportation of non-processed diamonds and conflict diamonds to the Kingdom of Cambodia as well as to contribute to implementing the poverty reduction policy of the Royal Government. This Sub-Decree has an objective to determine the rules, terms and conditions, and procedures in issuing certificates for conducting a business of importing and exporting of non-processed and processed diamonds into the Kingdom of Cambodia. This Sub-Decree shall extend the scope to apply to operation of traders/dealers who conduct businesses related to the import-export of diamonds (both rough and polished) into the Kingdom of Cambodia within the framework of the countries which implement the Kimberley Process Certification Scheme. The Ministry of Economy and Finance, and the Ministry of Commerce shall be the competent institution in managing and granting certification for importing and exporting rough and polished diamonds under the Kimberley Process Certification Scheme in the Kingdom of Cambodia.
Persons who operate an import-export business of rough and polished diamonds in the Kingdom of Cambodia shall have an import and export certificate in compliance with the law and relevant legal standard letters in force. The conditions and procedure for issuing an import-export certificate of rough and polished diamonds shall be determined by a separate Prakas or by a Joint Prakas between the Minister of Economy and Finance and the Minister of Commerce. Applicants for an import-export certificate of rough and polished diamonds shall be required to a pay fee.
- LABOR 2012
CREATION OF ORGANIZING COMMISSION FOR MECHANISM OF HEALTH SERVICE PAYMENT, Inter-Ministerial Prakas #194 (MoLVT), 14 September 2012
It is decided to establish an organizing commission for determining a mechanism and procedure of health service payments subject to the National Social Security Fund of the Ministry of Labor and Vocational Training for workers-employees who are under the provisions of the Labor Law. The roles, duties and mission of the commission is detailed in Article 2 of this Prakas.
AMENDMENT TO ARTICLE 1 OF THE SUB-DECREE #156 ANKR.BK. ON PAID HOLIDAYS FOR THE YEAR 2013 BY THE MINISTRY OF LABOR AND VOCATIONAL TRAINING Sub-decree #186 (RGC), 22 October 2012.
Paid holidays for the year 2013 for employees of all enterprises and establishments as provided in Article 1 of the Labor Law shall be amended as follows:
One day-off: International New Year (Jan 1), Victory over Genocide (Jan 7), Meak Bochea Day (Feb 25), International Women’s Day (March 8), Labor Day (May 1), Visak Bochea Day (May 24), Royal Plowing Day (May 28), International Children’s Day and Cambodian Children’s Day (June 1), Queen’s Birthday (June 18), Constitution Day (Sept 24), commemoratory Day of King Norodom Sihanouk (Oct 15), Paris Peace Agreement (Oct 23), Coronation Day of the King Norodom Sihamoni (Oct 29), Independence Day (Nov 9) and Human Rights Day (Dec 10);
Three days-off: National New Year (April 14-15-16), King’s Birthday Norodom Sihamoni (May 13-14-15), Pchum Ben Day (Oct 3-4-5), and Water Festival (Nov 16-17-18).
Any enterprise/establishment where the public holiday is falling on weekend holiday which is Sunday, the public holiday shall be taken on following workday as the substitution. In accordance with Article 147 of the Labor Law, all employees are eligible to have every Sunday off.
- TREATIES 2012
PROMULGATION OF THE LAW ON APPROVAL ON AGREEMENT BETWEEN THE GOVERNMENT OF THE STATE OF QATAR AND THE GOVERNMENT OF THE KINGDOM OF CAMBODIA CONCERNING THE REGULATION OF MANPOWER EMPLOYMENT IN THE STATE OF QATAR, Royal Kram № NS/RKM/0912/008 (Royal Palace), 20 September 2012
This Royal Kram promulgates the Law on Approval on the Agreement between the Government of the State of Qatar and the Government of the Kingdom of Cambodia concerning the Regulation of Manpower Employment in the State of Qatar which was signed in Doha City on 9 May 2001.