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Submitted by unname1 on Wed, 07/06/2011 - 17:19
Both leading stock indices surged on July 5, with two-thirds of shares advancing on both national stock exchanges as investors reacted positively to the central bank’s move to lower the interbank lending rate.

The State Bank of Vietnam decided on July 4 to lower the interest rates charged in open market operations from 15 percent to 14 percent per year.

Analysts with ACB Securities Co predicted that lending interest rates charged by commercial banks may also soon decline.

“The central bank’s moves, together with the income tax exemption for income and capital gains from securities investment, will cheer up investors over the next few sessions,” they wrote in a market report.

However, analysts with financial website vietstock.vn cautioned that monetary policy would continue to be a trade-off between short-term goals (lower interest rates, looser credit, growth) and long-term stability (lower inflation).

VNA

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