VenturesNow

Egypt’s Suez Canal authority to raise transit fees by 15% in 2023

Published

2 years ago

September 18, 2022

The authorities of the Egyptian Suez Canal say it will raise the transit fees for ships passing through its waterways by 15% at the start of 2023.

The Canal Authority’s chairman, Osama Rabie, who disclosed this in a statement on Sunday, said the transit fees for bulk and tourist ships will also be raised by 10% which will also come into effect in January 2023.

Rabie who gave reasons for the increase in the transit fees, cited current global inflation, which has increased operational costs and the costs of navigation services provided in the canal.

The Suez Canal Authority, had, in a half year report in July, said its revenues had hit an all-time high, recording $7 billion in the last fiscal year.

The Suez Canal which is a strategic waterway that connects the Mediterranean and the Red Seas, is the main source of foreign currency for the Egyptian government.

The canal which celebrated its 152 years this year, accounts for about 12% of global trade sea traffic and maintains its importance in world trade.

The Suez Canal presently accommodates 61.2% of the world’s tanker fleets, 92.7% of bulk carrier fleets and 100% of container ships and other ships.

Click to comment

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

2 hours ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

1 day ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”