'Don't panic' - Cambodian banks are safe despite the SVB fallout and crash, says Hun Sen

PHNOM PENH, March 19 (Phnom Penh Post/ANN): Cambodian Prime Minister Hun Sen has urged the public not to panic-withdraw funds from their bank accounts amid concerns following the recent bankruptcy of two major US lenders, as industry insiders assured that the Cambodian financial sector would be largely unscathed by fallout from their demise.

Earlier this month, Silicon Valley Bank (SVB) and then Signature Bank were taken over by regulators after collapsing under the weight of billions of US dollars in withdrawal requests made around the same time, triggered by fears of the lenders’ insolvency, in what is termed a “bank run”.