News of Rwanda (Kigali)

27 July 2012

East Africa: EAC Common Currency Agreement to Be Designed Soon

Leaders of East African Community (EAC) remark that an agreement for using one currency might be signed towards the end of 2012 as they are working hard to implement the plans made.

This was revealed by East African Community leaders that recently attended five days meeting in Arusha Tanzania.

Opening talks on using one currency, Dr. Enos Bukuku, in charge of planning and infrastructure in EAC promised to ask concerned sectors to speed up the project of having EAC currency so that agreements are signed this year.

Tharcisse Kadede, in charge of projects asserts that using one currency in EAC was planned to be implemented this year and it still can be done since the year is not yet ended.

Kadede gives an example of how joining customs with the markets has started working and giving opportunity to traders to conduct their businesses.

The meeting taking place in Arusha is aimed at discussing the previous points of the meeting that gathered Executive Directors of higher authorities on the issue of one currency in East African Community.

The participants were workers from Ministry of Finance, planning, Minister of EAC, National Banks of the five countries, Capital market and Insurance companies.

Gahiji Innocent is the chief political columnist for Newsofrwanda.He grew up in Kampala,Uganda before moving to Rwanda.His column is syndicated to newspapers around the country. He has written columns from Saudi Arabia, Lebanon, Egypt, Israel and South Africa. Gahiji , who has a B.A. degree in English from the University of Illinois, has been a Poynter Media Fellow at Yale University,

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