Cambodia’s gross lending reached 266.05 trillion riels, equivalent to approximately $66.5 billion, in August 2026, highlighting the scale of credit across the country’s financial system as real estate remained the largest recipient of loans despite virtually flat year-on-year growth.
Data released by the National Bank of Cambodia (NBC) on October 14 showed that depository-taking institutions (DTIs) accounted for 254.02 trillion riels ($63.5 billion) in gross loans, while non-depository-taking institutions (NDTIs) held another 12.03 trillion riels ($3 billion). The figures point to continued lending activity across the economy, but also highlight persistent challenges in the property market and concerns about borrowers’ ability to repay debt.
Key Facts
Total gross lending: 266.05 trillion riels, approximately $66.5 billion, as of August 2026.
DTI lending: 254.02 trillion riels, or about $63.5 billion, up 4.9% year-on-year.
NDTI lending: 12.03 trillion riels, or approximately $3 billion.
Real estate lending: 52.52 trillion riels, equivalent to $13.1 billion.
Real estate’s share: 20.7% of total gross lending, according to the report.
DTI lending since December 2025: Up 1.4%.
Main concern: Real estate lending remained virtually unchanged year-on-year amid reported weakness in residential property demand.
Source: National Bank of Cambodia figures reported by Khmer Times.
Cambodia’s Gross Lending Reaches $66.5 Billion
The NBC’s August figures show that Cambodia’s financial institutions continued to provide substantial credit to businesses and households, with combined gross lending reaching approximately $66.5 billion.
Depository-taking institutions, including commercial banks and microfinance deposit-taking institutions, accounted for the largest share of lending. Their outstanding gross loans reached 254.02 trillion riels, up from 242.12 trillion riels in August 2025.
This represented year-on-year growth of 4.9%. Lending by these institutions also increased 1.4% from 250.57 trillion riels at the end of December 2025.
Non-depository-taking institutions, comprising specialised banks, microfinance institutions and financial leasing companies, recorded 12.03 trillion riels in gross loans.
Together, the two groups accounted for 266.05 trillion riels in outstanding gross loans as of August.
The figures demonstrate the scale of credit supporting Cambodia’s economic activity. However, the total amount of outstanding loans does not, by itself, indicate whether credit quality is improving or deteriorating. Assessing the financial system’s condition also requires information on loan repayment performance, non-performing loans, provisions and borrower income.
Real Estate Remains the Largest Recipient of Credit
Real estate accounted for 52.52 trillion riels, or approximately $13.1 billion, in outstanding DTI lending as of August 2026.
The sector represented 20.7% of total gross lending, making it the largest recipient of credit in the reported figures.
However, lending to real estate was virtually unchanged compared with August 2025. This contrasted with the overall increase in DTI lending and suggested that credit growth was not evenly distributed across economic activities.
The property market is closely connected to other parts of Cambodia’s economy, including construction, building materials, property services, employment and household finances. Changes in property investment and demand can therefore affect businesses beyond developers and property owners.
The report highlighted continuing challenges in the residential housing market, where developers and buyers have faced pressure amid subdued demand.
The available figures do not provide a breakdown of real estate lending by residential property, commercial buildings, land purchases or development projects. They therefore do not establish which property segments account for the greatest share of outstanding credit or where repayment risks may be concentrated.
Property Consultant Warns of Borrower and Market Pressures
Independent real estate consultant Mean Sovannarith told Khmer Times that many Cambodians had borrowed money to expand businesses or invest in property, including land and houses.
He stressed the importance of responsible lending amid economic challenges, particularly as residential housing projects continued to face pressure during the first half of 2026.
Sovannarith also referred to the International Monetary Fund’s forecast of continued weakness in Cambodia’s real estate sector, characterised by sluggish growth and subdued buyer demand. The source report did not specify the IMF publication or provide the forecast’s numerical projections.
He urged ministries and financial institutions, particularly the NBC and microfinance institutions, to take measures to address the challenges facing borrowers and the property market.
His concerns centred on the need for lenders to assess borrowers’ repayment capacity before approving loans, whether the funds are intended for business expansion or property purchases.
Responsible lending is particularly important when borrowers rely on expected business income or future property sales to meet repayment obligations. If income falls short of expectations, borrowers may struggle to service debt, while lenders may face increased credit risk.
Loan Restructuring and Repayment Capacity in Focus
Sovannarith called for financial institutions to consider borrowers’ actual financial circumstances when managing repayment difficulties.
He urged the government to consider relief measures and allow borrowers and relevant stakeholders sufficient time to restructure loans where necessary. He also suggested that the central bank consider flexible solutions, including extending preferential loan-restructuring measures where appropriate.
Loan restructuring can sometimes help viable borrowers manage temporary financial difficulties by adjusting repayment schedules or other loan terms. Its suitability depends on the borrower’s financial position, the lender’s assessment and the applicable regulatory framework.
Restructuring does not eliminate the underlying debt or guarantee that a borrower will recover financially. Any relief measures would need to balance support for borrowers with prudent credit management and the financial stability of lending institutions.
The source report did not confirm that the NBC had announced new restructuring measures or that any proposed extension had been approved.
Investor Confidence and Employment Linked to Property Recovery
Sovannarith also emphasised the importance of restoring foreign investor confidence in Cambodia’s real estate sector.
He argued that renewed investment could support business activity and employment, helping workers maintain incomes and repay their debts.
The consultant further cited the departure of Chinese investors and concerns surrounding online scams as factors that had increased pressure on the property market and contributed to job losses.
These observations were presented as his assessment. The report did not provide figures measuring the number of departing investors, the scale of job losses attributable to these factors or their specific contribution to real estate lending trends.
Nevertheless, the relationship between property activity, employment and household finances is an important consideration. When property development slows, the effects can extend to construction workers, suppliers, service businesses and households whose income depends on related activities.
For lenders, the implications depend on borrowers’ exposure to affected sectors, the stability of their income and their ability to continue making scheduled repayments.
What the Lending Figures Mean for Cambodia’s Economy?
Cambodia’s total gross lending figure provides a broad indication of the credit extended across its financial system. The relatively strong year-on-year increase in DTI lending, alongside stagnant real estate credit, suggests that lending trends differed across sectors.
For businesses, access to credit can support investment, working capital and expansion. For households, loans can finance property purchases and other major expenses. However, sustainable borrowing depends on the relationship between debt obligations and the income available to repay them.
The distinction between overall credit growth and real estate lending is particularly important. An increase in total lending does not necessarily mean that every sector is expanding, just as flat property lending does not by itself establish that the entire real estate market is contracting.
A more complete assessment would require sector-by-sector lending figures, loan-quality indicators, borrower repayment data and information on property transactions and prices.
Angkor Times Analysis
Cambodia’s $66.5 billion gross lending balance illustrates the financial system’s significant role in supporting businesses and households. Yet the distribution of credit and the ability of borrowers to service their debts are as important as the total amount outstanding.
Real estate’s 20.7% share of total lending makes the sector particularly relevant to financial and economic conditions. The near-flat year-on-year lending figure reported for August 2026 indicates limited growth in outstanding property credit, but it should not be interpreted on its own as proof of either a market recovery or a deterioration in loan quality.
For banks and microfinance institutions, the priority is to maintain rigorous borrower assessments, monitor repayment capacity and identify emerging risks early. For property buyers and business owners, the figures reinforce the importance of evaluating debt against realistic income expectations rather than relying solely on anticipated property appreciation or future sales.
The policy question is how to support viable borrowers without weakening lending discipline. Targeted restructuring may help borrowers facing temporary difficulties, but the effectiveness of such measures depends on transparent eligibility criteria, credible repayment plans and careful assessment of each case.
Restoring confidence in the property market also requires more than additional lending. Sustainable demand, transparent transactions, reliable employment and a healthy business environment all influence whether households and businesses can make long-term financial commitments.
The next indicators to watch include real estate lending in subsequent months, non-performing loan trends, loan restructuring activity, property sales and prices, and changes in household and business repayment capacity. Together, these measures would provide a clearer picture of whether Cambodia’s credit market is stabilising and how financial institutions are managing risks.
Frequently Asked Questions
How much has Cambodia’s gross lending reached?
Cambodia’s gross lending reached 266.05 trillion riels, approximately $66.5 billion, as of August 2026, according to figures reported by Khmer Times from the National Bank of Cambodia.
How much did banks and other depository-taking institutions lend?
Depository-taking institutions recorded 254.02 trillion riels, or approximately $63.5 billion, in gross loans. This was a 4.9% increase compared with August 2025.
How much credit went to real estate?
Outstanding DTI lending to real estate reached 52.52 trillion riels, approximately $13.1 billion, representing 20.7% of total gross lending in the report.
Why is stagnant real estate lending significant?
Real estate is the largest recipient of credit in the reported figures. Virtually flat year-on-year lending, alongside reported weakness in residential property demand, highlights the need to monitor property-market conditions and borrowers’ repayment capacity.
What are non-depository-taking institutions?
In the source report, NDTIs include specialised banks, microfinance institutions and financial leasing companies. They recorded 12.03 trillion riels in gross loans as of August 2026.
Could loan restructuring help borrowers?
Restructuring may help eligible borrowers manage repayment difficulties by adjusting loan terms. Its suitability depends on the borrower’s circumstances, the lender’s assessment and applicable rules. The report does not confirm any newly approved nationwide restructuring programme.
Does the $66.5 billion figure mean all these loans are at risk?
No. Gross lending measures outstanding loans, not the amount in default. Assessing credit risk requires additional data, including non-performing loans, repayment performance and provisions for potential losses.