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Tiêu đề:
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Still Too Early for Meaningful Rate Cuts
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Loại báo cáo:
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Kinh tế vĩ mô
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Nguồn:
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Morgan Stanley & Co. International
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Chi tiết:
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Ngày:
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21/08/2008
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Số trang:
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6
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Ngôn ngữ:
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Tiếng Anh
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Dạng tệp:
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Quy mô:
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82 Kb
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Báo cáo này hữu ích?
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(Có 0 bình chọn. Bạn phải đăng nhập để bình chọn.)
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Tóm tắt:
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Monetary policy tightening, administrative measures and declining commodity prices have eased the pressure on inflation and on the BOP front but the slowdown has more to go, in our view. Interest rate resets are under way for most loans, which are on floating rates. Interbank rates remain high at 19.8%, suggesting tight liquidity conditions for joint stock banks, which had accounted for a large share of incremental loan growth. Corporates shy away from taking loans due to high cost of capital. Banks become more selective about who they lend to. Credit growth has slowed from 6.3% MoM in Jan-08 to 0.7% MoM in Jul-08, taking July-ytd credit growth to 18.4% (vs. 54% YoY in 2007).
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