The East African Community (EAC) member states are drawing closer to attaining a common currency for the region, with the goal of achieving the target by 2024.
According to the EAC Secretary General, Ambassador Liberat Mfumukeko, the Summit Heads of State have already assented to the Bill for the establishment of the East African Monetary Institute (EAMI). Thereafter, they will transform the EAMI into the East African Central Bank, which will in turn issue the single currency.
Furthermore, the community has also developed requisite legal instruments (Bills) for the insurance and microfinance sub-sector and strategies for implementation of financial education and insurance certification.
The Ambassador additionally revealed that the Council of Ministers had approved the Community’s Domestic Tax Harmonization Policy, and that once implemented, it would reduce tax competition, thus enhancing cross-border trade and investment in the region.
The community, which has a $20 million support from the World Bank, will have in place an EAC Investment Helpdesk and a BuyerSeller Online Platform by June 2020.
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