Stock Taking on Restrictions of Capital Flows as of 25 August 2006
Type of Capital Flow
I- Current Account Convertibility:Article8 1. Status under IMF Articles of Agreement/Exchange arrangement 2. Import & import payments Accepted Article 8 since January 1 , 2002 No restrictions on foreign exchange operations through book entry, but For reporting and monitoring purposes such operations including payments for imports must be made through authorized domiciled bank.
Restrictions/Control Measures*
Note**
3. Export & export proceeds 3.1 Repatriation requirements 3.2 Surrender requirements 3.3 Financing requirements Since the collection is made, export proceeds must be credited to the exporters' account with authorized domiciled bank. No requirements Loan and borrowing, including trade credit, may be freely contracted For reporting and monitoring purposes between residents and nonresidents, provided that the loan disbursement and the repayments thereof are made through authorized banks. Export of a limited list of goods by both state-owned and private sector entities must be licensed by the Ministry of Commerce. Export licenses are required for sawn timber and logs. Export of rice and wood products is subject to quotas and non-automatic licencing. Exports of antiques and several categories of logs are prohibited. Export of raw gold, uncut precious stones or other raw precious metals are permitted in accordance with the Law on Foreign Exchange, but subject to prior declaration to the Central Bank if the value of each transaction equals or exceeds US$ 10,000. For reporting and monitoring purposes
3.4 Export licenses
3.5 Export taxes
Pure bred breeding bovine animals and swine, live and prepared fish and fish products, live crustaceans and mollusks and products thereof, unprocessed and semi-processed wood, natural rubber and rubber waste are subject to 10% export tax; sawn and shaped wood, veneer sheets and sheets for plywood subject to 5% export tax; 50% export tax is applied to a number of items including Cannabis resin, coca, sulphonated, nitrated or nitrated derivatives of cyclic alcohol etc.
4. Invisible transactions & current transfer
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Stock Taking on Restrictions of Capital Flows as of 25 August 2006
Type of Capital Flow
4.1 Payment
Restrictions/Control Measures*
No restrictions, but the payments must be effected through authorized banks.
Note**
For reporting and monitoring purposes
4.2 Proceeds
The proceeds from invisible transactions and current transfer must be For reporting and monitoring purposes effected through authorized banks. Export proceeds must be credited to the exporter's account with authorized bank since the collection is made.
II- Direct investment and purchase of real estate 1. Direct investment from abroad (FID) 1.1 Inward remittance 1.2 Repatriation of principal and return on investment Repatriation of principal and return on foreign direct investment taking place in accordance with the provision of the investment law of Cambodia is permitted. However, such transfers must be made through authorized bank, which must report to the Central Bank the amount of each transfer equaling or exceeding $100,000 1.3 Foreign ownership No restriction except land ownership 1.4 Purchase of real estate Nonresidents may lease land for indefinite period or definite period with possible extension, but not own land, for investment purposes. No restrictions, but it must be made through authorized bank For reporting and monitoring purposes For reporting and monitoring purposes
2. Direct investment abroad by resident 2.1 Outward direct investment 2.2 Purchase of real estate III- Portfolio and Loans inflows 1. Portfolio investment from abroad 1.1 Purchase locally by NR 1.1.1 equity and related products - Inward remittance No restriction. However, transactions involving $100,000 or more require prior declaration to the Central Bank. For reporting and monitoring purposes
Stock Taking on Restrictions of Capital Flows as of 25 August 2006
Type of Capital Flow
- Repatriation of principal and return 1.1.2 debt and related products - Inward remittance - Repatriation requirement of principal and return 1.1.3 money market - Inward remittance - Repatriation requirement of principal and return 1.2 Issue or Sale locally by NR 1.2.1 Equity and related products 1.2.2 Debt and related products 1.2.3 Money Market 2. Portfolio investment abroad by resident 2.1 Purchase abroad by resident 2.1.1 Equity and related products 2.1.2 Debt and related products 2.1.3 Money Market 2.2 Issue or Sale abroad by Resident 2.2.1 Equity and related products 2.2.2 Debt and related products 2.2.3 Money Market IV- Foreign Borrowing and Lending 1. Loan inflows (Lending from abroad) 1.1 Inward remittance No restriction, but the remittance must be made through authorized banks For reporting and monitoring purposes
Restrictions/Control Measures*
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Note**
Stock Taking on Restrictions of Capital Flows as of 25 August 2006
Type of Capital Flow
1.2 Principle and interest payment
Restrictions/Control Measures*
Loan and borrowings, including trade credits, may be freely contracted between residents and nonresidents, provided that the loan disbursements and the repayments thereof made through authorized banks.
Note**
For reporting and monitoring purposes
2. Loan outflows (Lending to NR by resident)
2.1 Lending in foreign exchange
Loan and borrowings, including trade credits, may be freely contracted For reporting and monitoring purposes between residents and nonresidents, provided that the loan disbursements and the repayments thereof made through authorized banks. Loan and borrowings, including trade credits, may be freely contracted For reporting and monitoring purposes between residents and nonresidents, provided that the loan disbursements and the repayments thereof made through authorized banks.
2.2 Lending in Local currency
V- All others cross border financial transactions 6.1 Foreign exchange accounts 6.2 Derivatives and other financial transactions - transaction between residents and non-residents - transaction between residents and residents Foreign exchange account is permitted. -
* Please list all restrictions and all control measures ** Please indicate in case that this control measure is for prudential purpose Contact point: Mrs. Nguon Sokha Director Statistics and Economic Research Department National Bank of Cambodia Email: nsokha@online.com.kh