The EAC’s sub-regional single currency project is still ongoing, but progress has been sluggish. During their recent meeting in Bujumbura, Burundi, the central bank governors discussed this critical issue.
They disclosed that the sub-regional single currency project, in the form of a monetary union, should be implemented in 2024 based on an ad-hoc schedule that extends to 2031.
John Rwangomba, the Governor of the National Bank of Rwanda, has told members of press that the governors were exploring alternative ways to use currency convertibility within the EAC. They are studying a process to enhance effective money transfers between central banks.
However, as the Governor of the National Bank of Rwanda explained, establishing the single currency project is taking time due to various reasons at the EAC level.
Before member countries can unite to establish a single currency, certain measures must be taken, such as economic integration.
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