Reuters: Financial Services and Real Estate: UPDATE 1-Vietnam to cap some lending rates at 15 pct

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UPDATE 1-Vietnam to cap some lending rates at 15 pct May 4th 2012, 11:39 Fri May 4, 2012 7:39am EDT HANOI May 4 (Reuters) - Vietnam will cap rates of lending to businesses in four categories of production at 15 percent from Tuesday, after cutting policy rates over the past two months, the central bank said on Friday. The four categories include agriculture, exports and small and medium-sized enterprises and the supplier industry, the State Bank of Vietnam said in a statement. Rates for the four categories currently range from 14-16 percent. The Vietnam benchmark closed up 1.6 percent to close at 476.32 points on Friday on expectations of the lending rate cap. Local businesses have been complaining about high loan rates. Vietnam's economic growth slowed to a three-year low of 4 percent in the first quarter as domestic demand weakened and credit growth shrunk by 2.13 percent from the end of 2011. The central bank cut two key policy rates, the refinance rate and the discount rate, in April, in its second move in a month to try to push up lending and counteract a slowing economy as inflation moderates. (Reporting by Ngo Thi Ngoc Chau; Editing by Jeremy Laurence)

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