The East African Community (EAC) could soon have a common currency and an East African Central Bank, if the council of ministers approves the proposal.
EAC Secretary General, Peter Mathuki, stated that the ministers are expected to make a decision soon on the location of the East African Monetary Institute, which will serve as a precursor to the Central Bank and be responsible for issuing the single currency. Mathuki stated, “This year will are going to finalize where we will have the East Africa Monetary institute – the constitution that will create a roadmap for having one currency.
Hopefully in the next 3-4 years will have a common currency.” He also noted that the single currency will ease business and movement within the region and is in line with the goal of making the region borderless for free movement and trade.
Mathuki further highlighted that intra-regional trade has improved with a value of $9.5 billion in 2022 compared to $7.1 billion in 2019, which he attributed to political goodwill among the member states