MAC 27th conference kicks off in Juba
Representatives from the central banks of eight East African countries gather for the Monetary Affairs Committee conference in Juba on April 29, 2024. PHOTO | TOBBIAS JOLLY OWINY
What you need to know:
- The Governor of the Central Bank of South Sudan, Dr James Alic Garang, stated that each MAC meeting allows the working groups, governors, and technical committees to review progress made towards achieving a monetary union for the EAC.
Representatives from the central banks of eight East African countries have come together for the annual Monetary Affairs Committee (MAC) conference in Juba, the capital of South Sudan.
Mr Samuel Yeni Costa, the chairman and organizer of the conference, stated that the discussion would focus on a comprehensive review of the resolutions adopted in Burundi in 2023 and their implementation, including an analysis of the current economic climate and its implications for monetary policies in the member states.
“The previous discussions led to resolutions that had a significant impact on our collective economic strategies and policies. As we come together again, it is crucial to reflect on the progress made since then and chart a course for the future,” he said.
The committee reported that partner states' central banks have made significant progress towards the establishment of key institutions of the East African Monetary Union (EAMU), including the East African Monetary Institute (EAMI), harmonization of monetary and exchange rate policies, and regulatory frameworks.
The Governor of the Central Bank of South Sudan, Dr James Alic Garang, stated that each MAC meeting allows the working groups, governors, and technical committees to review progress made towards achieving a monetary union for the EAC.
“MAC intends to highlight the positive aspects of South Sudan, such as its vast natural resources, thriving market economy, and significant contributions to services like banking and medical services,” he said.
In November 2013, the EAC member states signed the Protocol on the Establishment of the East African Community Monetary Union (EAMU) as the third stage of integration in the region, aimed at launching a single currency by 2024.
The objective of the EAMU is to promote and maintain monetary and financial stability to facilitate economic integration and attain sustainable growth and development in the community.
The MAC member states include South Sudan, Uganda, Kenya, Tanzania, Somalia, Rwanda, the Democratic Republic of Congo, and Burundi.
