East African Community monetary union shows signs of progress

By JAMES ANYANZWA

East Africa moves closer to its goal of adopting a common currency with the regional heads of state expected to ratify the idea later this year. The East African Community (EAC) Secretary General Dr Richard Sezibera said the EAC Council of Ministers approved a draft East African Community monetary union (EAMU) protocol in July 2013 and the Summit of the EAC heads of state is expected to sign it in November.