World Bank Speaks on Depreciating Currencies of Several Countries
World Bank spoke on the possibility that the depreciating currencies of several nations could worsen the global food and oil crisis.
Recently, the world saw the depreciation of several currencies across the globe. The United States (U.S.) seemed to be the only currency that became stronger amid the different global crisis now.
In the case of the Philippine Peso, it depreciated by a minimum of 13 percent versus the strong U.S. Dollar. The exchange rate hitting at least P53.00 for $1 U.S. Dollar for several weeks now alarmed a lot of Filipinos.
The weakening Philippine Peso may bring the families of overseas Filipino workers (OFWs) a bigger budget but many of them have expressed that the increase can’t be felt because of the high prices of goods and commodities. More than what their families could gain, several OFWs are concerned that the rising of the prices of goods and commodities will continue and many Filipinos will suffer financially even more.
Amid the global crisis on food and energy now, the World Bank sees the possibility of the currency depreciation worsening the said global crisis. Based on a report on ABS-CBN News, it stressed that prices of goods and commodities are no longer at their peaks but they are still high against their average costs over the past five years.
World Bank Vice President for Equittable Growth, Finance, and Institutions Pablo Saavedra further said that continuous increase on the prices of food products could lengthen the food insecurity across nations. According to him, policies need to be crafted in support of real incomes and to boost supply and facilitate the management of food products.
Based on the report, World Bank also noted that high energy prices could affect the agricultural production. Reportedly, the East Asia and the Pacific are the only regions with low food costs because of the stability in their rice prices.
You may also visit – How Much Is Disney Plus Subscription in PH? Here are the 2 Offers…
