Browsing: EAC common currency

East Africa Community (EAC) plans to have a single East African currency by 2024 has collapsed, sending member countries back to the drawing board.

The East Africa Community (EAC) Council of Ministers, the central decision-making and governing organ of the EAC, resolved that the five years deadline by which the region was supposed to have created a monetary union and adopted a common currency is not attainable.

The Council, which had a day-long meeting in Arusha, resolved to draw new timelines to achieve the ambitious target of creating an EAC Monetary Union, which is one of the four pillars of regional integration.

The EAC is behind its plans in setting up relevant institutions to support a single currency. The East African Monetary Institute (EAMI), the equivalent of a regional central bank that was supposed to be up and running in 2015.

Member countries were supposed to comply with the EAC