(2 minutes read)
· The East African Community partner states are in the process
of rationalizing and harmonizing policies to put in place requisite
institutions to attain a single currency for the region by 2024
· The Council has gone much ahead in fine tuning the financial
sector polices, particularly relating to insurance and micro finance.
Close on the heels of the Western Africa, which is embarking on a
common currency Eco, the East African Community partner states are in
the process of rationalizing and harmonizing policies to put in place
requisite institutions to attain a single currency for the region by
2024. This is in line with the policies outlined in the EAC Monetary
Union Protocol. The Bill for the establishment of the East African
Monetary Institute (EAMI) had already been assented to by the Summit
of Heads of State. The EAMI would later be transformed into the East
African Central Bank that would issue the single currency. So far, the
Council had approved the EAC Domestic Tax Harmonization Policy.
Proper implementation of the policy would reduce tax competition
thereby enhancing cross-border trade and investment in the region.
The Council has gone much ahead in fine tuning the EAMI’s financial
sector polices, particularly relating to insurance and micro finance.
A massive education program for equipping the people with relevant
knowledge on the financial sector and an efficient ecosystem for
awarding insurance certification are put in place. Among other
things, the Community will have an EAC Investment Help Desk and a
buyer-seller online platform by June 2020.
The East African Community partner states comprise of Burundi, Kenya,
Rwanda, South Sudan, Tanzania and Uganda, with its headquarters in
Arusha, Tanzania.
