KAMPALA – Economic experts from the five partners of the East African Community are currently meeting in Kampala, Uganda for a validation workshop aimed at establishing the East African Monetary Union.
Participants from Rwanda, Burundi, Tanzania, Kenya and hosts Uganda, will discuss what the policy makers in the bloc have to do to realize the union.
Uganda’s Minister of Finance and Economic Development, Syda Bumba, told The New Times that the creation of a monetary union with a single currency will be a defining moment in deepening integration of the bloc.
She called on all member states to strengthen coordination and surveillance of the agreed EAC convergence criteria to achieve the monetary union.
Rwanda’s representative at the meeting, Dr James Ndahiro said that the monetary union will bring great benefits to bloc’s citizens and develop the community further.
He told The New Times that the single currency will help local businesses to diversify and obtain experience from other countries.
The primary rational for the monetary union is to reduce the costs and risks of transacting business across the national boundaries.
The three-day meeting has also attracted participants from European central Bank who are expected to discuss and sensitize the EAC on the importance of a single currency.