If implemented, easing of restrictions should help cool down global rice prices since India accounted for 35 percent of global rice exports before its export bans were implemented.MANILA, Philippines —
Since late 2022, India has banned exports of its non-basmati rice in a bid to ensure local food security and mitigate rising prices. However, the move pushed up global rice prices and hurt rice-importing nations globally. The ratio is also high in Malaysia with 41 percent of domestic rice consumption demand met via imports, and the Philippines with 28 percent.
Rice inflation peaked at 24.4 percent in March, the highest in 15 years, and has since slowed down to 22.5 percent in June. The BSP has kept interest rates at 17-year highs since October 2023. BSP Governor Eli Remolona Jr. earlier said the Monetary Board might consider cutting borrowing costs by 25 basis points on Aug. 15.#PhilstarPicks: Boost your daily routine with these 8 practical and exclusive dealsLevel up your gaming and snacking experience with new Hershey's Choco Balls!The peso may weaken significantly against the dollar if the Bangko Sentral ng Pilipinas decides to cut borrowing costs at...