In past episodes, where movements in the nominal exchange rate were more limited (or did not occur at all), a range of other prices in the economy had to respond – arguably a more disruptive way of adjusting to the shock. On this occasion, the nominal exchange rate has responded strongly.
New confirmed cases stood at 2303 on November 02, a sharp decline from the peak of 26,303 on September 11. This encouraging development comes with the increasing vaccination rate. As of October 31, 8.6 million or 88.1 percent of the target population in the National Capital Region have been fully vaccinated.