Go slow on push for EAC single currency - expert

What you need to know:

  • Mr Azevedo’ s caution on the single currency is in line with what Ms Christine Lagarde, the IMF managing director said in January 2017, when she was on a three-day visit to Uganda.

Kampala. East African Community (EAC) countries have been told to go slow on the push to have a single currency for the region if they cannot fix the basics of trading in the region.
In an interview with Daily Monitor, Mr Miguel Azevedo, the head of investment Banking for Africa at Citigroup, said the countries should focus on issues that boost East Africa as a trading bloc because a single currency may be hard to attain.
He said: “Common currency goes with a few other needs, which means some common policies like similar budget policies, inflation levels and taxation among others. These things are harder to get. Just look at Europe. We have been working on the single currency for decades.”

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