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VCSC Daily - SBV surprises with early cut in policy rates, lowers deposit cap to 12%

Balance of payment improves in 1Q – The SBV governor has announced that in Q1, the country’s BOP is estimated to be at a surplus of around USD2 billion due to a combination of shrinking trade deficit, stable remittances, FDI and FII in flows. In the first quarter, remittances was estimated at USD2-2.5 billion, ODA at USD290 million and FII at USD400-500 million.