KNA

East African Community (EAC) member states could soon be using each other’s currency to trade after the necessary legislations were assented to by  Heads of States.

East African Community (EAC) and Regional Development Cabinet Secretary Adan Mohamed speaking on Thursday during the East African business council 20th annual general meeting said that the monetary union envisages a situation where there are common monetary and fiscal policies that enables people to trade in a common currency.  

“That programme is on track with the respective Central Banks in discussion and the necessary legislation has passed through the East African Legislative Assembly (EALA) with all the heads of states assenting to the law,” said Mohamed.

“The monetary institute is going to be created very soon and it is going to be responsible for laying the foundation for an environment where we can start using each other’s currency initially and after that, we envisage to have one common currency for EAC,” he said added.

The CS said this will enable the citizens in the member states to trade seamlessly with one another more than is currently happening.