Five east African countries agree to common currency

Dec 01, 2013 12:00 AM

The five member of the East African Community (EAC) economic group have agreed to adopt a single currency.

The leaders of Kenya, Uganda, Tanzania, Rwanda, and Burundi signed a protocol in the Ugandan capital Kampala for the adoption of a common currency in 10 years.

“We now have the framework required to unlock the promise of integration,” Kenyan President and EAC head Uhuru Kenyatta said in a statement. “The union will eliminate the costs attendant to juggling different currencies, thereby reducing transaction costs.”

“Businesses will find more freedom to trade and invest more widely, and foreign investors will find additional, irresistible reasons to pitch tent in our region,” Kenyatta added.

Established 13 years ago, the EAC has already created a common market and a single customs union.

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