East African Community move to form Monetary Union and Central Bank
Members of the East African Community have made moves to establish a single central bank and a single currency for their nations.
These are the first steps into removing all borders in East Africa and uniting all of the member countries into one strong nation.
What is the Monetary Union?
The East African Monetary Union (EAMU) is an important stage in the process of East African Community (EAC) Regional Integration. The EAMU Protocol was adopted in accordance with the EAC Treaty and signed on 30th November 2013; it lays groundwork for a monetary union within 10 years and allows the EAC Partner States to progressively converge their currencies into a single currency in the Community.
In the run-up to achieving a single currency, the EAC Partner States aim to harmonise monetary and fiscal policies; harmonise financial, payment and settlement systems; harmonise financial accounting and reporting practices; harmonise policies and standards on statistical information; and, establish an East African Central Bank.