East African monetary union delayed by ten years
The East African Monetary union will not happen in 2024 as had been envisaged but is now expected to be implemented in 2034.
According to some analysts, this is a major setback and with all the technical effort it requires, some more complex nontechnical issues must equally be addressed.
The EAMU protocol was adopted in accordance with the EAC treaty and signed on 30th Nov 2013, it lays groundwork for a monetary union within 10 years and allows the member states to progressively converge their currencies into a single currency in the community. Racheal Nabisubi has more.
