{"id":3207,"date":"2019-08-09T12:52:27","date_gmt":"2019-08-09T16:52:27","guid":{"rendered":"https:\/\/africaglobalnews.com\/?p=3207"},"modified":"2019-08-09T12:52:27","modified_gmt":"2019-08-09T16:52:27","slug":"the-east-african-community-focuses-on-having-a-common-currency","status":"publish","type":"post","link":"https:\/\/africaglobalnews.com\/website_b1ce9d46\/the-east-african-community-focuses-on-having-a-common-currency\/","title":{"rendered":"After West Africa, the East African Community focuses on having a common currency"},"content":{"rendered":"\n

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<\/a> to replace the FCA franc, a currency that has been in use for more than 95 years.  <\/p>\n\n\n\n

Speaking in the sidelines of the East African Business Council<\/a> 20th<\/sup> annual general meeting in Nairobi, Kenya\u2019s Cabinet Secretary, Ministry of East African Community and Regional Development<\/a>, 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. <\/p>\n\n\n\n

\u201cThat way, you will be able to trade seamlessly with one another more than we currently are doing,\u201d said Mr. Mohamed. <\/p>\n\n\n\n

Mr. Momahed, however, said that the adoption of the East\nAfrican common currency will be preceded by the formation of a monetary\ninstitute that will be tasked with creating a favourable environment for the\nuse of the would be new currency. <\/p>\n\n\n\n

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