East African Community fast tracks single currency implementation
The regional parliament is set to enact laws for setting up key institutions that will boost the implementation of a single currency in the region and will use the three-week Dodoma sittings that started on 9th April 2018, to collect views on the East Africa Monetary Institute (EAMI) Bill, 2017 and the Statistics Bureau Bill, 2017. These two bills earlier sailed through the first and second readings.
EAMI Bill looks to establish a regional central bank agency, which will regulate the new regional currency. Meanwhile, the EA statistics Bureau Bill will spearhead establishment of a regional agency that will gather data to implement data-driven decision-making.
A regional currency will boost the East African economies that are currently struggling to stabilise their legal tender against the rising dollar.