The East Africa community has heightened its efforts towards having a common currency that will be used across the bloc, not so many days after their West African counterparts announced that they will be launching their common currency somewhere next year to replace the FCA franc, a currency that has been in use for more than 95 years.
Speaking in the sidelines of the East African Business Council 20th annual general meeting in Nairobi, Kenya’s Cabinet Secretary, Ministry of East African Community and Regional Development, Adan Mohamed confirmed that indeed the region is gearing up for a common currency that will go a long way in boosting trade within member states.
“That way, you will be able to trade seamlessly with one another more than we currently are doing,” said Mr. Mohamed.
Mr. Momahed, however, said that the adoption of the East African common currency will be preceded by the formation of a monetary institute that will be tasked with creating a favourable environment for the use of the would be new currency.
According to the Kenyan Cabinet Secretary, before countries in the East Africa bloc move to fully adopt the new common currency, people will be allowed to trade with member countries’ currencies first.
While emphasizing on the importance of sticking together as a region, Mr. Mohamed said, in his official Twitter handle, that “the East African Community is a strong regional bloc that is the most integrated on the continent, that has seen a lot of growth over the years. The private sector in the region continues to play a critical role in economic development.”
The bid to have the East African Community common currency received a major boost following the passing of the East African Community Statistics Bureau Bill in the regional legislative assembly late last year.
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