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JERUSALEM, Feb 12 (Reuters) – Israel will delay passing a brand new regulation that will freeze mortgage charges for first-time house patrons, Finance Minister Bezalel Smotrich mentioned on Sunday, because the proposed laws faces opposition from the nation’s central financial institution.
Smotrich and the pinnacle of parliament’s finance committee, Moshe Gafni, mentioned in a joint assertion they’d maintain off for per week to permit a “skilled dialogue” to discover a answer for households whose month-to-month mortgage repayments have jumped in step with steep rates of interest hikes over the previous yr.
Gafni and Smotrich mentioned they’d meet with the banking regulator, which is a part of the central financial institution, to provide you with an answer for mortgage holders.
In a bid to curb inflation that has topped 5%, the Financial institution of Israel raised its benchmark price from 0.1% final April to three.75% at the moment, exacerbating already excessive residing prices for mortgage holders. The benchmark rate of interest is predicted to quickly attain no less than 4%.
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Gafni for months has promoted a invoice to guard some mortgage holders from increased charges to assist ease the monetary burden.
Final week, he mentioned he deliberate to deliver the invoice to the federal government’s ministerial laws committee on Sunday. It must be cleared by the committee earlier than it may be debated in parliament.
Financial institution of Israel Governor Amir Yaron has criticised the plan, saying it might backfire with out decreasing prices whereas hurting Israel’s free market credentials.
Reporting by Steven Scheer; Modifying by Susan Fenton
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Egypt’s Finance Minister Mohamed Maait announced the successful delivery of over 28,000 new, eco-friendly cars under a presidential initiative to replace older vehicles.
Despite economic challenges including supply chain disruptions and inflation, the initiative has provided beneficiaries with current-year models at below-market prices and with 7 or 10-year installment plans.
Launched in March 2021, the initiative allows recipients to replace vehicles that are 20 years or older.
The government has demonstrated its commitment to promoting eco-friendly transportation by allocating EGP 718m in green incentives for these cars. Participants also benefit from a 3% flat annual interest rate, reduced insurance costs, and a complimentary EGP 100,000 personal accident insurance policy for the driver.
The initiative has expanded to numerous governorates, including Cairo, Giza, and Alexandria, reflecting the government’s goal of broadening the program’s reach and promoting green transportation nationwide. This effort aligns with fostering a green transition, increasing the prevalence of eco-friendly vehicles, and localizing the automotive industry.
The Minister emphasized ongoing efforts to develop Egypt’s automotive sector, with the aim of establishing the country as a regional hub for car manufacturing and export.
The government envisions a future where electric vehicles gradually replace traditional cars, contributing to the expansion of clean energy, reducing reliance on petroleum products, and easing the financial burden on citizens.
Congratulations to recent college graduates. Many graduates have already landed a job. Others may still be looking for an offer or waiting until summer’s end before job hunting. Whatever path you’re on, once you’re earning an income it’s critical to establish a solid financial foundation.
That’s always been true. But the changing nature of work — likely defined by multiple jobs and fluid careers — increases the need for embracing sound personal finance.
Three quick points. First, you’ll make mistakes with money. Everyone does. That’s how we learn. Second, keep your money management simple. Life is busy enough without falling into financial complexity. Finally, doing well with money isn’t rocket science. Good money management mostly involves developing a few good spending and savings habits. Here are several suggestions:
Concentrate on your career. Your most important financial investment is in your career(s). The big return on investment comes from the income you earn from your knowledge. Plan on continuously investing in your skills.
Create a budget. A budget lets you know where your money is going, and where you might want to make some adjustments. The information is vital.
Start saving with your first paycheck. This is true even if it’s a miniscule amount (which is likely). Put your savings on autopilot and adjust the sum upward when your pay increases. Savings is both your emergency fund and your opportunity fund.
Embrace frugality. There is a wide range of frugal behaviors, and you should find the thrifty habits that work for you. The frugal path means being cautious with debt. Frugality leads to greater freedom of choice. (Most college graduates owe on their student loans; research your repayment options and pick the best choice for your circumstances.)
Start the habit of giving money away. The thoughtfulness that comes from deciding where to give money creates strong connections to our community. The act of giving is a powerful reminder of what matters.
Invest in your financial education. There is no shortage of good resources, ranging from your employer to community organizations that promote financial literacy. Looking over my bookshelves, I’d highlight “Get a Financial Life: Personal Finance in Your Twenties and Thirties” by Beth Kobliner.
That’s enough to get started. Good luck on the next stage of life!
Chris Farrell is senior economics contributor, “Marketplace”; commentator, Minnesota Public Radio.
MOUNT VERNON, Ill. — The Mount Vernon Township High School finance committee and school board will meet Monday, June 24. The finance committee will meet at 5:30 p.m. and the board will meet at 6 p.m.
The finance committee meeting agenda is as follows:
Mt. Vernon Township High School
FINANCE COMMITTEE MEETING
Monday, June 24, 2024
5:30 p.m.
The agenda for the board meeting is attached:
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