No Single Currency for the East Africa Community Yet
Central banks from the East African Community (EAC) are reportedly unsure if plans to introduce a single currency for the region by the year 2024 will be realized. The central banks cite some member states’ failure to meet targets as set out in the roadmap as one of the reasons why the single currency is unlikely to take off as planned. Member states of the 6-nation EAC believe that a common currency will help reduce the costs associated with converting currencies. There are also hopes the single currency, which is one of the EAC’s priorities for the period between 2022 and 2026, will eliminate the exchange rate volatility that comes with cross-border trading.
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