Subsidies could fuel inflation through increased spending.
Investors may want a premium on bonds, which may push the cost of borrowing up. But a downgrade will have an immediate impact on the cost of debt.
Lion Beer needs to increase its export business to maintain viable growth.
While the decline in inflation can certainly accommodate a rate cut, we believe the bank will defer such a decision until any potential petroleum price hikes and their likely impact on inflation becomes clearer.
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