According to Peter Mathuki of the regional intergovernmental organization, the East African Community (EAC) will decide when and where to install the envisioned regional central bank during the course of 2023.
The establishment of the regional central bank is anticipated to assist the EAC in achieving its objective of having a single currency system in place within three years.
A senior official stated that the regional intergovernmental body would decide when and where it will locate the anticipated regional central bank in 2023 as the East African Community (EAC) moves closer to its goal of an unified currency regime.
The financial organization, which will be called as the East African Monetary Institute (EAMI), is regarded as a facility that is essential for putting in place a single currency system, according to a study.
The location of the regional central bank would reportedly be discussed by the council of ministers of the organization, according to Peter Mathuki, the EAC secretary general.
Getting Rid of Trade Barriers That Aren’t Tax
The EAC leadership has been debating ways to get rid of non-tariff trade barriers while simultaneously working to make it easier for people and enterprises to move around the area.
According to the report, 257 non-tariff barriers (NTB) have been eliminated overall since 2007.