East Africa Community monetary union
The East Africa Community (EAC)'s mission is to "widen and deepen economic, political, social and cultural integration in order to improve the quality of life of the people of East Africa through increased competitiveness, value added production, trade and investments".
This is underpinned by four "integration pillars" that the EAC has been pursuing in the give order: Customs union; Common market, Monetary union and Political federation.
The East Africa Monetary Union Protocol was adopted in accordance with the EAC Treaty and signed on 30th November 2013. It lays groundwork for a monetary union within 10 years and allows the EAC states to progressively converge their currencies into a single currency in the Community.
In the run-up to achieving a single currency, the EAC Partner States aim to harmonise monetary and fiscal policies; harmonise financial, payment and settlement systems; harmonise financial accounting and reporting practices; harmonise policies and standards on statistical information; and, establish an East African Central Bank.
(Source: The East African Community; https://www.eac.int/monetary-union)
How close is East Africa to a single currency?
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