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Why Interest Rates Matter for Canadians

Interest rates are the single most powerful lever in Canada's economy.  When the Bank of Canada adjusts its policy rate, the effects reach every household—from the cost of carrying a mortgage to the return on a savings account. With rates currently at 2.25% and significant uncertainty ahead, understanding how rates work has never been more important for your finances. What Is the Bank of Canada's Policy Rate? The Bank of Canada sets the overnight policy rate—the interest rate at which major banks lend money to each other. This rate serves as a benchmark that influences borrowing and lending costs across the entire economy. When the Bank raises or lowers this rate, commercial banks adjust their prime rates accordingly, which directly affects the rates you pay on mortgages, lines of credit, and other loans. The Bank's primary goal is to keep inflation near its 2% target. When inflation runs too hot, the Bank raises rates to cool spending. When the economy slows, it cuts rates...
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Urgent Warning for Tourists: New Covid Variant Surge in Greece

 

Tourists planning to visit Greece this summer are being urgently warned about a significant rise in Covid-19 cases due to a new variant known as FLiRT. The Greek National Public Health Organization (EODY) has reported a sharp increase in hospital admissions, with 669 new Covid patients admitted from July 8 to 14, marking a 44% rise compared to the previous four weeks.

The surge in cases has led to the reintroduction of protective measures in some hospitals, including the Metaxa Oncology Hospital in Piraeus, Athens. Visitors are now required to wear masks and adhere to a 48-hour rapid test requirement. The President of the Hospital Doctors’ Union of Athens and Piraeus, Matina Pagoni, emphasized the seriousness of the situation, noting the significant number of hospitalizations and deaths.

Symptoms of the FLiRT variant are similar to earlier Covid strains and include fever, cough, fatigue, loss of taste or smell, sore throat, body aches, shortness of breath, headache, and runny nose. Tourists are advised to take necessary precautions and stay informed about the latest health guidelines to ensure their safety during their travels.

Stay safe and enjoy your travels responsibly!

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