EAC shifts single currency to 2031



The East African Community (EAC) has adjusted its timeline for achieving a single currency, now targeting 2031 instead of the previously planned 2024. This update was shared by EAC Secretary General Veronica Mueni Nduva during a recent roundtable with the East African Business Council.

 "The Monetary Union was expected to be established in 2024 as per the Monetary Union Roadmap. However, it was not been realized and the timeline was therefore revised to 2031," she was quoted as saying.

Despite delays, progress has been made in several areas, including the development of legal frameworks and the establishment of the East African Payments System, which facilitates currency convertibility across the region.

However, some challenges remain, such as consensus on hosting the East African Monetary Institute and meeting key macroeconomic criteria, including inflation and fiscal deficit targets.

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