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SCB predicts interest rate cut

Update: May, 31/2013 - 12:00
HCM CITY (VNS)– The Standard Chartered Bank said it expected a further cut of 50bps (0.5 per cent) in interest rate in the third quarter if authorities "remain comfortable with the inflation outlook and credit growth stays anaemic".

"We expect the SBV to lower the refinancing rate by another 50bps to 6.5 per cent in the third quarter. CPI inflation slowed to 6.61 per cent year-on-year in April from 6.64 per cent in March (market consensus: 6.95 per cent)," the bank's latest Global Alert report released on Tuesday said.

It said inflation was expected to average 7.2 per cent year-on-year in 2013, down from the bank's previous 8 per cent forecast.

The announcement came on the back of easing inflationary pressure and sluggish economic growth at the beginning of 2013. This is the second cut this year. – VNS

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