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Macro Update - VCSC comments on SBV Governor interview 12 January 2012

No changes in interest rates policy, yet… In light of the recent surge in negotiable deposit rates surpassing the allowable ceiling rate, the governor has reiterated that banks must be in compliance. The SBV will not cap lending rates as doing so may make it more difficult for struggling companies to access bank funding. He shared his view that it is too early to lower interest rates as liquidity within the banking system is still weak although, inflation has slowed. But he did suggest that the