The five EAC Presidents today signed the Monetary Union Protocol which will provide for a wide scope of co-operation in monetary and financial sectors among the EAC Partner States and will further catalyze trade growth within the region.
The Region block is now a people destined for greatness, prosperity and happiness. The borders are fast becoming mere formalities.
With the integration, the countries cease to be a group of neighbouring nations, and become one people according to President Uhuru Kenyatta.
What is the Monetary Union?
The East African Monetary Union (EAMU) is an important stage in the process of East African Community (EAC) Regional Integration.
The EAMU Protocol was adopted in accordance with the EAC Treaty and signed on 30th November 2013; it lays groundwork for a monetary union within 10 years and allows the EAC Partner States to progressively converge their currencies into a single currency in the Community.
In the run-up to achieving a single currency, the EAC Partner States aim to harmonise monetary and fiscal policies; harmonise financial, payment and settlement systems; harmonise financial accounting and reporting practices; harmonise policies and standards on statistical information; and, establish an East African Central Bank.
Co-operation in monetary and fiscal matters in order to establish monetary stability within the Community, aimed at facilitating economic integration efforts and the attainment of sustainable economic development of the Community
Providing an enabling environment for the private sector to take full advantage of the Community through the promotion of a continuous dialogue with the private sector to help create an improved business environment and enhancing investor confidence in the region.
Source-https://www.eac.int/monetary-union
Photos: East African Community is not dead and no problems
