East Africa moves towards single currency
Leaders meeting at the 15th Ordinary Summit of the East African Community Heads of State in Kampala, Uganda, have moved a step closer to a single currency for the EAC.
The heads of state of Kenya, Tanzania, Uganda, Burundi and Rwanda signed an East African Monetary Union Protocol, which is set to strengthen economic cooperation through a single currency for all EAC members. They directed that all partner states should conclude the ratification process of the Protocol by July 2014.
During the one day-summit, Presidents of the five EAC members reviewed the progress of the Community, noting the steady progress made in areas such as the removal of non tariff barriers. In a communique issued after the meeting, the leaders said the Summit had received and adopted the framework in a report on the attainment of the single customs territory; and that the single customs territory would commence on 1 January, with all operational requirements to be finalised by June 2014.