Delays could push EAC monetary union past 2024 target
:An audit by the East African Legislative Assembly found that some Monetary Union Institution bills are yet to be assented to by heads of state. PHOTO | FILE
East Africa Community’s target to fully implement a Monetary Union Protocol by 2024 may not be achieved after a report by the East African Legislative Assembly (Eala) noted that certain laws and institutions are yet to established.
An audit commission found that four Monetary Union Institution Bills are pending, two are yet to be assented to by heads of state and two others are being reviewed by the Sectoral Council on Legal and Judicial Affairs. The institutional framework to monitor and enforce convergence includes the establishment of the East African Monetary Institute, which was to be established by 2015 to build the region’s capacity to activate the single currency and as a precursor to the East African Central Bank. This is yet to be in place.
