EAC single currency talks begin tomorrow

KAMPALA - Regional negotiations on establishing the East African Monetary Union (EAMU) will finally be launched tomorrow in Arusha. According to a statement from the East African Community (EAC), the Secretary General, Juma Mwapachu, will launch the four-day inaugural meeting of the High Level Task Force (HLTF) which comprises of members from all the five partner states. The taskforce is expected to among others, consider and adopt the methodology of work, review and refine the draft roadmap towards the EAMU, and lastly agree on the calendar of activities for the negotiations process after consulting various stakeholders. Those to be consulted include; senior officials from the partner states ministries of finance, planning and economic development, EAC affairs, as well as central banks, capital markets authorities, insurance and pensions regulatory agencies, and national statistics offices. Mwapachu has hailed the partner states for the bold step and strategic direction they have taken in the integration process saying “by inaugurating this HLTF, the achievement of the third pillar of the EAC integration agenda is within our reach and the EAC Secretariat is ready to give full support and commitment to this process.” By granting the region a single currency, the Monetary Union would remove the costs of having to transact in different currencies and the risk of adverse exchange rate movements for trade within East Africa. Ends