by AFROL NEWS
The five states making up the East African Community (EAC) are in a hurry to prepare for their common currency, which according to plans is to be introduced already next year. Experts now see how they can fast-track the process.
A single currency was part of the EAC foundation treaty as defined by the three founding nation of the union, Kenya, Tanzania and Uganda. But little was done to achieve the goal until an EAC summit in 2007 decided to fast-track the single currency. The monetary union was to be implemented by 2012, the leaders then decided.
But since 2007, the process has gone slower than expected, with much focus being on the successful introduction of a common East African market. The process has further been slowed down and complicated by the admission of two new nation to the EAC; Rwanda and Burundi.
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