Posted in Integration Pillar
What is the Monetary Union?
The East African Monetary Union (EAMU) is an important stage in the process of East African Community (EAC) Regional Integration. The EAMU Protocol was adopted in accordance with the EAC Treaty and signed on 30th November 2013; it lays groundwork for a monetary union within 10 years and allows the EAC Partner States to progressively converge their currencies into a single currency in the Community.
In the run-up to achieving a single currency, the EAC Partner States aim to harmonise monetary and fiscal policies; harmonise financial, payment and settlement systems; harmonise financial accounting and reporting practices; harmonise policies and standards on statistical information; and, establish an East African Central Bank.
Sectors under the Monetary Union:
Co-operation in monetary and fiscal matters in order to establish monetary stability within the Community, aimed at facilitating economic integration efforts and the attainment of sustainable economic development of the Community.
Providing an enabling environment for the private sector to take full advantage of the Community through the promotion of a continuous dialogue with the private sector to help create an improved business environment and enhancing investor confidence in the region.
Rationalising investments and the full use of established industries to promote efficiency in production, as well as harmonising trade policies, investment incentives and product standards, with a view to promote the Community as a single investment area