Tuesday 2nd May 2017

The region has moved a step closer to attaining a Monetary Union after the Council of Ministers adopted two key bills that will help the partner states to progressively establish a single currency by 2024. The Council adopted the Draft East African Monetary Institute (EAMI) Bill, 2016 and the Bill establishing the East African Statistics Bureau. The two proposed laws are a precondition for having a single currency by 2024 and will help the partner states to establish the East African Central Bank. The EAMI is a transitional institution that will carry out preparatory work for the East African Monetary Union (EAMU).

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A truck crosses the Namanga border from Tanzania into Kenya. Photo/The East African