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VCSC Daily - Banks lower deposit rates early, markets retreat

Local banks start to lower deposit interest rates. Following the drop of global markets, local stocks shares closed in the red even though the market marked a good start thanks to the interest rate cuts announced yesterday after-trading hours. The bulls quickly retreated, letting pessimistic investors take short term profits. Local banks started to reduce the deposit interest rate by 10bps-50bps ahead of Monday’s official effective date for the new deposit rate cap of 9%. Most banks were more th