By Spy Uganda
Uganda and six other East Africa Community (EAC) member states could have a common currency by 2026.
The above has been revealed by the East African Community (EAC) Secretary-General Dr Peter Mathuki who adds that plans are a foot to have the East African Monetary Institute – (the Central Bank of East Africa) in the next 12 months and also set up one bank.
“The EAMI will be in place this year in what will allow us to harmonize member states’ fiscal and monetary policies, then in about three years we will have a common currency in place,” Mathuki said.
He adds that the Council of Ministers is expected to plan on the location of the EAMI.
The single currency will ease business and movement of persons within the region, which would achieve the bloc’s goal of becoming as envisioned in the Common Market Protocol.
The block has a combined population of slightly over 300 million people.
If implemented, the common currency will mark the third pillar of integration of the EAC after the establishment of the customs union and the common market protocol that deepened cooperation among the partner states.
Other EAC member states include Kenya, South Sudan, Rwanda, Burundi, Tanzania and DR Congo.
