East Africa

Single Currency For East African Countries Will Be In Use By 2024 – EAC Secretary General.

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In Arusha, Tanzania, East Africa Countries (EAC) Secretary General, Liberat Mfumukeko, gave his New Year’s Address to the Staff of EAC at the EAC Headquarters.

The process of unifying policies and putting in place the appropriate institutions to attain a single currency for East African countries by 2024 are being carried out in line with the EAC Monetary Union Protocol.

Mfumukeko said the Bill for the establishment of the East African Monetary Institute (EAMI) had already been acknowledged by the Summit of Heads of State, he added that the EAMI would later be transformed into the East African Central Bank that would issue the single currency.

“The establishment of this institute will help to provide impetus towards the formation of the East African Monetary Union, which is the third pillar of our integration,” he stated.

Mfumukeko also disclosed that the Council of Ministers had approved the EAC Domestic Tax Harmonization Policy. He added that the implementation of the policy in a proper manner would reduce tax competition and enhance cross-border trade and investment in the region.

He further urged all EAC Staff to rededicate themselves to serving the region, a task he described as a privilege, adding that they had been recruited competitively based on their unique skills and expertise.

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