EAC meeting in Juba focuses on single currency goal

The 27th ordinary meeting of the EAC Monetary Affairs Committee, sitting in Juba, South Sudan, is hosting central bank governors.

Top of the agenda for governors is calling for the harmonization of critical policies and putting in place the requisite institutions to attain a single currency for the three East African countries.

These requirements were contained in the 2013 roadmap that was supposed to be implemented. According to the roadmap, the EAC convergence criteria were to be attained by 2021 and maintained for three years in the run-up to the establishment of the Monetary Union in 2024.

The single currency is outlined in the EAC Monetary Union Protocol of the eight member states, including Somalia.