Breakthrough to single currency adoption
05 November 2013, 10:36
Nairobi - The East Africa Legislative Congress (EALA) has adopted the report presented by the Committee on Communication, Trade and Investment on the East African Monetary Union (EAMU) calling for the adoption of a single currency.
The congress added that EAMU was crucial for the long sought integration process within the region.
It also urged the region to act with speed and fully implement the Custom Union and Common Market regulations that will provide a smooth pathway for the single currency.
EAMU provides a schedule that will ensure adoption of the single currency in a period of ten years.
“The committee responsible for finalization of the Monetary Union Protocol needs to meet and liaise closely with the policy makers including the Ministers and the Economists in order to ensure a common position on sticky matters,” added EALA Member of Parliament, Ndahiro Rwanda.
He nonetheless noted that there were complex issues that needed urgent attention.
These, he said, would take time to address.
Rwanda further noted that the regulations allowed three Partner States to progress at a time and exuded confidence that it would not delay the Monetary Union.
However, the major threat to single currency usage was the difference in economic development among member countries.
Regional leaders have been meeting in the past to discuss ways of eliminating trade barriers and allow free movement of goods within the countries but the talks have previously failed at the implementation stage.
– CAJ News