The Proposed Central Bank of East Africa, the single monetary institution to preside over financial matters across the six Community states of Kenya, Rwanda, Uganda, Burundi, Tanzania and now South-Sudan will be established in 2024.
The ‘Bank of East Africa,’ is more likely to be built in Arusha and operate from here. A statement from the East African Community Secretariat in Arusha, revealed that the East African Monetary Institute will be a transitional mechanism to the East African Central Bank which will issue the single currency for the region which is expected to be in place by the year 2024.
Apparently, almost forgotten in matters concerning the East African Community, the Regional Monetary Union subject is coming up again here in the next few days with ministerial meeting to that effect, kicking off in Arusha next week.
The 35th Ordinary Meeting of the EAC’s Council of Ministers is scheduled to take place in Arusha from Thursday, the 30th of March to the 4th of April 2017. A statement from the Community Headquarters here explained that the EAC Secretariat has drafted two Bills, namely, the East African Monetary Institute Bill and the East African Statistics Institute Bill.
The two bills will be considered at the scheduled 35th Ordinary Meeting of the EAC Council of Ministers to be held in Arusha from March 30 to April 4, 2017 which lays carpet for the Summit of the East African Heads of State.
Topping the bills, the issue of the East African Monetary Institute is described to be a transitional mechanism to the East African Central Bank which will issue the single currency for the region that is expected to be in place by the year 2024.
The East African Statistics Institute on the other hand is critical for macro-economic convergence and harmonisation as it will provide accurate data and information to guide decision making as the region progresses towards a single currency.
It was noted that the Monetary Union would only function efficiently if the Customs Union and Common Market protocols were fully implemented. During the recent EAC delegation to Juba, it was revealed that the Bank of South Sudan was already working closely with the other Central Banks of East Africa, towards realising the EAMU plans, adding that the bank will fully participate in EAC activities especially the Sectoral Committee on Finance and Economic Policy.
Secretary General Ambassador Liberat Mfumukeko led the delegation from Arusha to Juba to address such matters and he was accompanied by a number of officials from the Secretariat here.
Among them was the EAC Deputy Secretary General (Political Federation), Mr Charles Njoroge, the Director of Customs, Mr Kenneth Bagamuhunda, Director of Finance, Mr Juvenal Ndimurirwo and Defence Liaison Officer (Uganda), Col. James Ruhesi.
Others were Ms Geraldine Umugwaneza, Deputy Registrar at the East African Court of Justice; Mr Bakaye Lubega, Principal Culture and Sports Officer; Mr Stephen Agaba, Principal Legal Officer; Dr James Njagu, Chef de Cabinet to the Secretary General, and; Emmanuel Niyonizigiye, Police Liaison Officer.