East African Assembly advances monetary union efforts
The East African Legislative Assembly has taken a step toward the actualization of the still-distant Monetary Union Protocol, which aims to establish a single currency for the region. Members of the assembly returned the 2022 bill without changes, which both Kenya and Burundi had declined to sign into law. The East African Financial Services Commission Bill, 2022, is one of four bills intended to lay the groundwork for the rollout of the monetary union in 2031.
