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- The East African Monetary Institute (EAMI) –the Central Bank of East Africa— will become a reality this year, announced the EAC Secretary-General Dr Peter Mathuki.
- Thesetting up of EAMI is crucial for implementing a single currency regime of EAC.
The East African Monetary Institute (EAMI) –the Central Bank of East Africa— will become a reality this year, announced the EAC Secretary-General Dr Peter Mathuki. The setting up of EAMI is crucial for implementing a single currency regime of EAC.
The Secretary-General informed the media that the setting up of the EAMI this year will facilitate harmonizing of member states’ fiscal and monetary policies leading to a common currency in three years. As envisioned in the Common Market Protocol, the single currency will ease the business and movement of people within the region. The common currency is regarded as the third pillar of integration of the EAC, the others being the customs union and the common market protocol that strengthened the cooperation among the Partner States. Once these systems are in place, it is expected that the seven-member EAC bloc with its collective population of 300 million, will attract investors from across the world.
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EAC secretariat disclosed that Intra-regional trade within the regional bloc is ascending to USD10.17 billion by September 2022 thanks primarily to the political goodwill among the members of the Summit of EAC Heads of State and the relaxation of Covid-19 restrictions. The positive interventions of the Heads of State eliminated several Non-Tariff Barriers (NTBs) that were hindering the intra-regional trade. Dr Mathuki said that about 257 NTBs were resolved since 2007, easing the trade. He cited the example of how the bilateral trade between Kenya and Tanzania picked up after Tanzanian President Samia Suluhu came to power.
