On October 19, more than 40 depositors of Cambodia's APD Bank gathered outside its headquarters in Phnom Penh to protest withdrawal restrictions that have lasted for months. One female depositor stated that she had around 400,000 USD in her account, which has been locked since early March. At first, withdrawals were capped at 500 USD per day, but even that limit was eventually cut off, with bank staff providing no clear timeline for a resolution. Another client who deposited 500,000 USD reported retrieving only 10 percent of the funds over three years, with no certainty regarding the rest.
The trouble began in March this year when the bank suspended certain services under the explanation of system maintenance, sparking long lines and bank runs. Although the policy was later adjusted to allow eligible customers to apply for withdrawals of up to 20,000 USD, a full resumption of regular banking services remains nowhere in sight. Compounding the anxiety, APD announced plans to shut down three branches on Norodom Boulevard, Mao Tse Toung Boulevard, and at Olympia starting November 1.
APD previously denied rumors regarding fraud involvement and license revocation, insisting it operates in full compliance with regulations. National Bank of Cambodia Governor Chea Serey has also urged the public not to panic or stage mass bank runs. Still, for business operators and individuals relying on daily cash flow, having large sums frozen poses real financial strain. It also highlights the potential liquidity risks of keeping substantial funds in a single small commercial bank, underscoring the importance of diversifying deposits and closely tracking official announcements.
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