Citizens from the six East African countries are soon set to transact their businesses using a single currency as per the Monetary Union Protocol signed in 2013.
Kenya’s East African Community Cabinet Secretary Peter Munya said the signing and the passing of the East African Monetary Institute in May paved way for the East African Community (EAC) to put in place a legislative framework for the operationalization of the common currency.
“EAC is focused on achieving this economic feat by the year 2024 as the benefits partner states stand to reap from single currency are numerous,” said Munya.
The Cabinet Secretary said imports and export firms will benefit from the single EAC currency through reduction in transaction costs associated with the exchange of currency. Munya also noted that the currency will facilitate quicker transactions free from foreign exchange rate risks.
He called on Kenyans to exploit the available opportunities in EAC and engage in beneficial cross-border movement, trade, education and employment.
The Minister also revealed plans by EAC to harmonise laws that touch on curriculum’s and educational standards, labour and profession standards, pension, employment, trade, communication network, EAC single visa and single airspace.
“The harmonisation is aimed at deepening and widening integration among the partner states and making trade easier cross borders,” said Munya.
The East African Community (EAC) comprises of Kenya, Uganda, Tanzania, Burundi, Rwanda and South Sudan.
