The East Africa Community (EAC) anticipates a single regional currency in the next four years, Kenya’s The Star newspaper reported.

Although a technical working group suggested the deadline be pushed to 2031, EAC Secretary-General Peter Mathuki expected the East African Monetary Union to be achieved within the next four years.

He revealed that the Council of Ministers is likely to decide soon on the location of the East African Monetary Institute, a precursor to the East African Central Bank that will issue the single currency.

He said that the single currency will ease business and movement of individuals within the region. 

The move aligns with EAC’s goal to make the region borderless so that people can move and trade freely as envisioned in the common market protocol, Mathuki stated.

(Editing by Seban Scaria seban.scaria@lseg.com)