logo
Bank of Canada Keeps key Interest Rate at 2.75%

Bank of Canada Keeps key Interest Rate at 2.75%

Taarek Refaat
The Bank of Canada held its benchmark interest rate steady at 2.75% on Wednesday as policymakers await further clarity on the impact of tariffs on the economy.
"The level of uncertainty remains elevated," Bank of Canada Governor Tiff Macklem said in remarks following the rate decision. "In this decision, there was a clear consensus to keep policy unchanged as more information becomes available."
Economists and financial markets had widely expected the rate to be held for a second consecutive time.
Macklem noted that there have been positive developments on the tariff front since the central bank's April decision, but trade restrictions remain, and threats of new import tariffs remain.
Wednesday saw the implementation of new 50% tariffs on steel and aluminum imports to the United States—double the previous rate.
read more
CBE: Deposits in Local Currency Hit EGP 5.25 Trillion
Morocco Plans to Spend $1 Billion to Mitigate Drought Effect
Gov't Approves Final Version of State Ownership Policy Document
Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister
Qatar Agrees to Supply Germany with LNG for 15 Years
Business
Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves
Business
Suez Canal Records $704 Million, Historically Highest Monthly Revenue
Business
Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday
Business
Wheat delivery season commences on April 15
News
China Launches Largest Ever Aircraft Carrier
Sports
Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer
Sports
Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers
News
Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies
Arts & Culture
New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple
Business
Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War
Arts & Culture
Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies
News
Flights suspended at Port Sudan Airport after Drone Attacks
News
Shell Unveils Cost-Cutting, LNG Growth Plan
Videos & Features
Video: Trending Lifestyle TikToker Valeria Márquez Shot Dead during Live Stream
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Remittances from Egyptians Abroad Surge 70% to $32.8 Billion
Remittances from Egyptians Abroad Surge 70% to $32.8 Billion

See - Sada Elbalad

timean hour ago

  • See - Sada Elbalad

Remittances from Egyptians Abroad Surge 70% to $32.8 Billion

Taarek Refaat Press Statement During the period July/May of FY 2024/25, remittances from Egyptians working abroad recorded a significant leap. The remittances rose by 69.6%, reaching about $32.8 billion (compared to around $19.4 billion during the same period a year earlier). Likewise, remittances increased during the period January/May 2025 by 59% YoY to record around USD 15.8 billion (compared to about $9.9 billion). On a monthly basis, remittances in May 2025 rose by 24.2% YoY to register about $3.4 billion, representing the highest level of inflows ever recorded in May (compared to around $2.7 billion). read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks

PM: 80% of Workforce at El-Dabaa Nuclear Power Plant "Egyptian"
PM: 80% of Workforce at El-Dabaa Nuclear Power Plant "Egyptian"

See - Sada Elbalad

timean hour ago

  • See - Sada Elbalad

PM: 80% of Workforce at El-Dabaa Nuclear Power Plant "Egyptian"

Taarek Refaat Egyptian Prime Minister Mostafa Madbouly visited the El-Dabaa nuclear power plant construction site on Wednesday, where he confirmed that Egyptian workers now make up more than 80% of the workforce. The announcement reflects the government's growing emphasis on domestic capacity building in one of the most technically advanced infrastructure projects in the nation's history. Accompanied by the Ministers of Electricity and Renewable Energy and Finance, as well as senior officials from the Russian contractor Atomstroyexport and Egypt's Nuclear Power Plants Authority, the Prime Minister marked the occasion by commemorating the 73rd anniversary of Egypt's 1952 revolution. "This site holds deep national significance," Madbouly said. "It has been a dream of Egyptians since the mid-20th century—to see Egypt enter the nuclear era through peaceful energy production." The El-Dabaa project, located on Egypt's northern Mediterranean coast, remained a long-standing aspiration for decades, appearing in school curricula and state planning documents. According to Madbouly, the dream began to turn into action in 2015 with the signing of the initial agreement between Egypt and Russia. Construction officially began in December 2017. The plant will consist of four nuclear reactors with a combined capacity of 4,800 megawatts. The first unit is expected to be operational in the second half of 2028, with the remaining three units scheduled for completion in 2029. Egypt is adhering to a closely monitored construction schedule, with ongoing collaboration between Egyptian and Russian teams. 'We are witnessing this dream become reality,' Madbouly said. 'This is a source of pride for every Egyptian.' The Prime Minister emphasized that more than 80% of the thousands of workers currently on-site are Egyptian, highlighting the nation's growing expertise in large-scale engineering and energy projects. "This is a matter of national pride. Seeing tens of thousands of Egyptian engineers and workers trusted to build such a complex project reflects our true capabilities," he added. The El-Dabaa project plays a key role in Egypt's Vision 2030, which targets a 42% share of electricity generation from renewable and clean energy sources. Nuclear energy is viewed as a critical pillar of this transition. Madbouly concluded his remarks by thanking all partners and agencies involved, expressing confidence in Egypt's ability to deliver on time and within scope. 'We are not just building a power plant—we are building a future powered by knowledge, sovereignty, and clean energy,' he said. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks

Egyptian Pound Gains Further as Dollar Falls Below EGP 49
Egyptian Pound Gains Further as Dollar Falls Below EGP 49

See - Sada Elbalad

timean hour ago

  • See - Sada Elbalad

Egyptian Pound Gains Further as Dollar Falls Below EGP 49

Taarek Refaat The Egyptian pound continued its upward trajectory on Wednesday, with the US dollar falling below the symbolic 49-pound mark across major Egyptian banks for the first time in weeks. The move reflects growing confidence in Egypt's foreign currency flows, buoyed by a dramatic surge in workers' remittances and a narrowing current account deficit. According to the Central Bank of Egypt (CBE), the dollar traded at an average of EGP 49.02 for buying and EGP 49.12 for selling in early transactions. The lowest recorded buying rate stood at EGP 48.95, offered by Housing and Development Bank, while the highest selling rate reached EGP 49.32 at Abu Dhabi Islamic Bank. The recent appreciation of the pound, by roughly 20 piasters in just 24 hours, comes on the heels of robust macroeconomic data. Expatriate Egyptians sent home approximately $26.4 billion in the first nine months of fiscal year 2024/25, marking a staggering 82.7% year-on-year increase. Analysts say this inflow has provided a critical cushion for Egypt's foreign reserves and helped stabilize the local currency. At the National Bank of Egypt and Banque Misr, two of the country's largest state-owned lenders, the dollar stood at EGP 49.02 for buying and EGP 49.12 for selling. The Commercial International Bank (CIB) mirrored these rates, indicating a broad-based alignment among top institutions. Bank of Alexandria posted a slightly more favorable rate for buyers at EGP 49.00, while the Housing and Development Bank undercut the market further at EGP 48.95. Meanwhile, the Abu Dhabi Islamic Bank offered the highest rates, with the greenback priced at EGP 49.22 (buying) and EGP 49.32 (selling), likely reflecting stronger demand among its clientele for dollar liquidity. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Sports Get to Know 2025 WWE Evolution Results News "Tensions Escalate: Iran Probes Allegations of Indian Tech Collaboration with Israeli Intelligence" News Flights suspended at Port Sudan Airport after Drone Attacks

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store