East Africa: EAC to Have a Common Central Bank

3 December 2013

The EAC will establish a common central bank within ten years,as part of plans to have a common currency . The nations will however maintain their respective central banks. The proposed regional bank will formulate the financial sector for member states and the exchange rate mechanism. Already in the pipeline is a single customs territory, a proposed regional passport, identity cards, work permits and a single tourist visa all expected to begin in January next year.

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