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VCSC Daily - Slow credit growth stalls market

Our view: Markets continue to close mix as the latest numbers show credit growth is slower than expected at just 1.07% ytd. We think with just five months remaining, credit growth will reach just 6% at best by year end instead of the SBV's already revised down target of 8-10%. This affirms our view that banks earnings' would be pressured most and smaller companies in the private sector will continue to see a tough 2H without assess to capital.