Bolanle Akanji
Moderator
Five East African States, Kenya, Tanzania, Uganda, Rwanda and Burundi have signed a protocol that would lay the groundwork for a monetary union that is expected to expand regional trade.
The protocol would allow them to converge currencies over time.
The Nations also aim to have a common Central Bank and harmonise monetary and fiscal policies. With the exception of Burundi, they already present their budgets simultaneously every June.
"The promise of economic development and
prosperity hinges on our integration," said
Kenya's President Uhuru Kenyatta.
"Businesses will find more freedom to trade and invest more widely, and foreign investors will find additional, irresistible reasons to pitch tent in our region," said Kenyatta.
The protocol would allow them to converge currencies over time.
The Nations also aim to have a common Central Bank and harmonise monetary and fiscal policies. With the exception of Burundi, they already present their budgets simultaneously every June.
"The promise of economic development and
prosperity hinges on our integration," said
Kenya's President Uhuru Kenyatta.
"Businesses will find more freedom to trade and invest more widely, and foreign investors will find additional, irresistible reasons to pitch tent in our region," said Kenyatta.
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