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Recently, the digital space has been buzzing with talks of the East African Community (EAC) unveiling new banknotes for a proposed single currency that aims to unify the region economically.
However, in a recent clarification, the EAC has put a pause on these swirling rumors, stating that the journey towards a single currency is still very much a work in progress.
The East African Community, in a bid to set the record straight, released a statement urging the public to disregard any rumours circulating on social media about the unveiling of new banknotes for the region.
"The journey to a single currency is still a work in progress," they emphasised, highlighting the premature nature of any such announcements.
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Understanding the Single Currency Vision
The concept of a single currency for the EAC is not new. The idea has been on the drawing board for years, aimed at bolstering trade, enhancing economic stability, and simplifying transactions across member states.
This ambitious endeavour seeks to emulate the success stories of other regional blocs that have benefited from a unified currency system.
However, as with any significant economic reform, the road to realisation is complex and requires meticulous planning, coordination, and consensus among all partner states.
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As of March 2024, the East African Community comprises eight member countries.
These countries and the currencies they use are as follows:
- Burundi - Burundian Franc
- Kenya - Kenyan Shilling
- Rwanda - Rwandan Franc .
- South Sudan - South Sudanese Pound
- Tanzania - Tanzanian Shilling
- Uganda - Ugandan Shilling
- Democratic Republic of Congo (DRC) - Congolese Franc
Somalia - Somali Shilling