On Saturday 30 November 2013, East African Community leaders signed the Monetary Union Protocol, with the intention to have a single currency in 10 years’ time.

The signing ceremony, held in Uganda, was witnessed by Members of the East Africa Legislative Assembly (EALA), diplomats and high ranking government officials of member states.

Kenya’s President Uhuru Kenyatta addressed the EALA stating that a single currency would “reduce the costs of transacting business by eliminating use of difference currencies across the five countries” – the East African Community consists of Kenya, Rwanda, Tanzania, Burundi and Uganda.

The protocol is to be implemented over a 10 year period, resulting in a regional Central Bank whose mandate is to stabilise financial prices as well as monitoring, surveillance and enforcing compliance of all other macro finance matters.

“Business will find more freedom to trade and invest more widely, and foreign investors will find additional, irresistible reasons to pitch tent in our region. Such advantages will no doubt result in increased investment and further transformation of East Africa” said President Kenyatta

President Kenyatta also urged member states to remove the remaining barriers to free the movement of people, goods and services.

Source: various online sources