Skip to content

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.

Dikonketso

Leave a Comment

You must be logged in to post a comment.

Become a member

Join the Ecommerce Forum South Africa and benefit from industry insights in South Africa and Africa.

Sign up to newsletter

Sign up to our newsletter and stay informed of the progress we are making at the Ecommerce Forum South Africa with government during Coronavirus.

0