EAC Governors Pledge Single Currency Launch by 2031 Amid Global Economic Uncertainty

Central Bank Governors from the East African Community (EAC) reaffirmed their commitment to introducing a single regional currency by 2031, despite uneven progress among member states.

During the 29th Ordinary Meeting of the Monetary Affairs Committee held on July 24, the committee noted that EAC partner states' central banks have made significant progress in implementing the revised roadmap towards the East African Monetary Union (EAMU).

The governors attributed the slow progress to maintaining macroeconomic stability while financing critical infrastructure projects amid a volatile global economic environment and the spillover effects of ongoing geopolitical conflicts.

To address these challenges, the governors agreed that partner states' central banks should strengthen economic resilience by diversifying sources of international reserves through domestic gold purchases and increased remittance inflows.