EAC States to use one currency by 2024

Uganda’s 1st Deputy Prime Minister and Minister for East African Community Affairs, Rebecca Alitwala Kadaga has revealed that the East African Community will have a regional currency by 2024 if everything happens to go as planned.

The first female Speaker said this while making her speech at the Uganda-DR Congo Business Summit in Kinshasa.
She said that the member states are working on the finer details to choose a country to host the East African Monetary Institute, which will result into the East Africa Central Bank.

“By the end of this year, we should be knowing which country is hosting the monetary institute. The institute will be the East African Central Bank. We expect that if we move according to plan, by 2024, we shall have a single currency,” Kadaga said.

She noted that Uganda, Tanzania, Burundi, and Kenya had submitted in their requests to host the institute, and the four countries are being reviewed for a decision.

The EAC is now having five member states, including Uganda, Tanzania, Rwanda, Burundi, and DR Congo, which joined the bloc in April.
However, only four of these countries apart from DR Congo, have ratified the Single Currency Protocol.

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