The bid to introduce a single currency in East Africa has received a major boost following the passing of the EAC Statistics Bureau Bill in the regional assembly.
The piece of legislation that was passed will set the legal framework for the pursuit of monetary union among the six partner states - Kenya, Uganda, Tanzania, South Sudan, Rwanda and Burundi.
The fate of the bill now rests on the approval by presidents of the six countries which will facilitate the harmonization of gathering and dissemination of economic data.
“The bill sailed through on Wednesday afternoon after the Chair of Council of Ministers Julius Maganda ceded ground to the proposal made by Tanzania.
“The envisaged East African Community Statistics Bureau will be responsible for the development, production and dissemination of Community statistics in order to support the establishment of the Monetary Union,” says EALA the East African Legislative Assembly (EALA) disclosed in a statement.
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 the 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.
The move will see the establishment of an East African Central Bank.
The body's objective of regional integration is geared towards establishing common customs tariff regimes and procedures for easier access to intra-African and global markets.
