EAMU: Back to the drawing board as Council of Ministers reviews timelines

The EastAfrican has learnt that the EAC Council of Ministers has agreed to review the roadmap for the implementation of the single currency with the technical committees expected to draw new timelines. 

What you need to know:

  • The EAC Council of Ministers has resolved that the 2024 deadline for a common currency is not attainable.
  • The EAC is way behind in setting up relevant institutions to support a single currency, most important being the East African Monetary Institute (EAMI).
  • The EAC single currency is expected to create more economic unity among member countries and help eliminate transaction costs related to exchanging currencies and exchange rate volatilities.

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