The State Bank has chosen to err on the side of caution and keep the policy rate unchanged at 11.5%, as it navigates its way through treacherous waters. Though still high, it is important to note that the rates are actually down by a cumulative 1,150 basis points since June 2024, so it is not as if the bank is afraid of aggressive monetary easing when merited. Also, with the Iran war now seemingly resolved, there is a good chance that the central bank will reassess a rate cut at their next meeting based on how the........

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