Cambodia Investment Review
Cambodia hosted the 28th Conference of Governors of Central Banks of Francophone Countries on May 28-29, bringing together central bank leaders from across Africa, Asia, Europe, the Middle East, the Americas and the Pacific to discuss the evolving role of monetary authorities amid technological disruption and growing public expectations.
The conference, organized by the National Bank of Cambodia (NBC) in cooperation with the Banque de France, marked the third time Cambodia has hosted the event following previous editions in 1996 and 2011.
Held under the theme “The Autonomy of Central Banks in the Face of State and Public Expectations,” the gathering brought together 26 governors of francophone central banks for a series of discussions on monetary policy, financial stability, governance and the challenges posed by rapid technological change.
Central Bank Independence Under Scrutiny
The conference focused on how central banks can maintain their independence while responding to increasing demands from governments, businesses and the public in an environment shaped by economic uncertainty, geopolitical tensions and digital transformation.
Speaking during the event, European Central Bank President Christine Lagarde highlighted the importance of cooperation among francophone institutions in addressing shared challenges, including inflation management, financial system resilience and broader economic transitions linked to geopolitical, climate and digital developments.
Banque de France Governor François Villeroy de Galhau emphasized that central bank independence remains a critical foundation for effective monetary policy, while transparency is essential for maintaining public trust and institutional legitimacy.
The discussions reflected a broader global debate as central banks navigate rising expectations to support economic growth, financial inclusion and sustainability objectives while preserving their core mandates of price stability and financial sector oversight.
Technology And Financial Inclusion Take Centre Stage
National Bank of Cambodia Governor Dr. Chea Serey used the conference to highlight the growing impact of financial technology on the delivery of financial services and economic inclusion.
She noted that technological innovation is transforming how citizens access financial services and creating new opportunities to expand participation in the formal financial system.
According to the NBC, central banks have an important role in ensuring that innovation strengthens financial inclusion while protecting consumers and maintaining confidence in the financial system.
The discussions come as many central banks globally are accelerating efforts in areas such as digital payments, financial technology regulation, central bank digital currencies and cybersecurity.
Strengthening Francophone Cooperation
Organizers said the conference served as a platform for exchanging experiences and strengthening cooperation among central banks that share the use of the French language.
Founded in 1994 at the initiative of the Banque de France, the Conference of Governors of Central Banks of Francophone Countries provides a framework for dialogue, knowledge sharing and collaboration among member institutions.
Officials said the Phnom Penh gathering concluded in a spirit of cooperation and collegiality, reinforcing ties between francophone central banks as they confront increasingly complex monetary and financial challenges.
The event also highlighted Cambodia’s growing role in international financial dialogue as the country continues to expand its engagement with global monetary and regulatory institutions.
