Leaders Eye Single East African Currency


salve geneva; font-size: small; line-height: 200%;”>EAC Affairs Minister, pill Shem Bageine told press on Wednesday in Kampala that “Tanzania is committed to the monetary union which will be signed on Saturday.”

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Presidents Paul Kagame, Uhuru Kenyatta, Salva Kiir, Pierre Nkurunziza and Jakaya Kikwete are expected in Uganda on Saturday.

Tanzania was earlier opposed to the fast tracking of the EAC federation without a concrete monetary union.

Bageine said EAC leaders are trying to create a regional market through financial services and that the monetary unit would eventually transform into an East African central bank.

He said there was need to coordinate closely the countries’ fiscal policy to avoid pitfalls.

Bageine observed need to establish an East African statistical bureau.

He added: “We believe this time around when we have committed to a single currency. We shall create a currency of envy. The five partner states on signing the protocol will have one common currency.”

Bageine said the common market protocol would not come in place until three years, adding, “a Political federation is not a one off event; it builds up.”

The five central banks will have a similar ICT working system to enable fast money transfers and payments in the region.

The Kampala meeting will also consider the inclusion of South Sudan into the EAC, having sent a team into South Sudan “to ensure they had criteria befitting their membership.”

The summit will conclude with a rally at Kololo by all EAC Heads of State.


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