Bill sets the stage for EAC single currency


The East African Legislative Assembly in Arusha, Tanzania. FILE PHOTO | NATION MEDIA GTOUP

Efforts to introduce a single currency for East Africa have gained traction after the regional assembly passed the EAC Statistics Bureau Bill, 2017 this week.

The bill which now awaits approval by the bloc’s six presidents, will pave the way for the establishment of regional statistics bureau to harmonise gathering and dissemination of economic data.

Delay in setting up a regional statistics body and East African Monetary Institute (EAMI) have slowed efforts by Kenya and its five neighbours to have a single currency by 2024.

“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 East African Legislative Assembly (EALA) said in a statement.

“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.