Uneca unsure EAC is ready for 2024 monetary union target
The East African Monetary Institute is a transitional mechanism to the envisioned East African Central Bank that will be tasked with issuance of the single currency. PHOTO | FILE | NMG
Divergent monetary policies within the East African Community in the pre-pandemic era raise questions regarding feasibility of a monetary union as envisioned in the 2013 protocol on the establishment of a monetary union targeting adoption of a common currency by 2024.
This is one of the issues raised by a report by the United Nations Economic Commission for Africa, Uneca, titled Macroeconomic and Social Developments in East Africa 2020.
