East African Central Bank Governors worried over delayed Monetary Union protocol’s Implementation
Central Bank Governors of the East African Community (EAC) have noted that there have been delays in realizing targets set out in the East African Monetary Union Protocol road map and that there are several challenges that could further delay the full implementation of the protocol.
This is contained in a statement issued at the end of the governors’ 22nd Ordinary meeting held in Kampala chaired by the Governor of Bank of Uganda, Prof Emmanuel Tumusiime-Mutebile, the current chairperson of the East African Community Monetary Affairs Committee.
The protocol 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. This means by 2023 the EAC should be having a single currency.