The anticipated single currency in the region will bring with it a host of benefits into the region, East African Community and Northern Corridor Development Cabinet Secretary, Peter Munya has said.
According to the CS, the Partner States stand to reap from the anticipated single currency, among them, reduction in transaction costs associated with the exchange of currency by firms involved in import and export trade.
“Whereas multiple currencies discourage trade and investments among the Partner States owing to uncertainties about exchange rates, and resultant transaction costs, a single currency will facilitate faster transactions free from foreign exchange rate risks”, the Cabinet Secretary said.
EAC Monetary Union is part of the agendas proposed for the 2018/19 budget statements that has been tabled at the East African Legislative Assembly, level.
The implementation of the roadmap for the attainment of the EAC Monetary Union; strengthened Peace, Security and Good Governance and Institutional Framework for EAC Political Confederation are also set for consideration under this budget.
“The Council of Ministers is to further initiate Bills that support the establishment of the East African Monetary Union. In particular, the Council shall initiate the East African Surveillance Compliance and Enforcement Commission Bill 2018 and the EAC Financial Commission Bill, 2018, in compliance with the Protocol on the Establishment of the East African Monetary Union.” EALA statement reads in part.
Meanwhile the CS also called upon the media to partner with his Ministry in promoting the EAC integration agenda for the benefit of all Kenyans.
Mr Munya noted the importance media plays in shaping public opinion, and called for a closer working relationship which, he noted, would ensure Kenyans have access to valuable information on cross border trade and interactions.
Speaking during a media breakfast meeting organized by the Ministry at a Nairobi Hotel, Mr Munya said that there were numerous achievements so far registered under the EAC integration process.
He mentioned infrastructure, where roads like the Arusha-Namanga-Athi River road and Voi-Taveta-Holili-Moshi road, both linking Kenya and Tanzania had been completed under the EAC infrastructural development program.
“Feasibility studies for the Malindi-Lunga Lunga-Bagamoyo road are also complete and donors have already pledged financial support for its construction”, he said.
