EAC denies launching common currency

By Awan Achiek

The East African Community on Monday clarified that it has not yet launched a single currency for member states within the trade bloc.

“The EAC Secretariat wishes to inform all our stakeholders that the Partner States’ journey to a single currency is still a work in progress,” it said in a statement posted on X formerly Twitter on Monday.

On Sunday, March 3, a picture was shared on social media of new bank notes purportedly launched by the East African Community (EAC). 

The EAC clarified that there was no immediate plan to roll out new banknotes in the region.

“Kindly ignore any rumours circulating in social media on the unveiling of new banknotes for the region,” it said.

However, the EAC did not denounce the organization which issued the communication in the first place.

The launch of a common currency has been postponed three times to date since the first proposal by EAC member states.

Initially, the launch of the common currency had been slated for 2024 but later postponed to 2027.

This followed a January 2023 meeting that was attended by delegates from EAC nations that was held in Kenya.

In March 2023, Central Bank Governors drawn from the member states further postponed the launch to 2021.