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VCSC Daily - Lending rate cap jolt market

Lending rate cap – After market hours last Friday, news hit the wire that the SBV promulgated Circular 14 which would apply a cap on lending rates to select sectors including agriculture, export, support industries and SMEs effective 8 May 2012. The policy move gave the market a jolt that finally pushed the indices to break through stubborn resistances and close at highs not seen since last year. The VNI reached 486.3 while the HNI closed at 83.8.