• About Us
  • Contact
Wednesday, March 22, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Currency

Unified currency for EAC could be implemented sooner than expected

by Editor
14/01/2023
in Currency
0
Unified currency for EAC could be implemented sooner than expected
Share on FacebookShare on Twitter

In a bold move towards economic unity, the East Africa Community (EAC) has announced plans to implement a single currency within the next four years, despite the push back by a technical working group that the deadline should be moved to 2031.

He also revealed that the Council of Ministers representing the EAC is expected to make a decision soon on the location of the East African Monetary Institute.

“The single currency will ease business and movement of persons within the region. It is in line with our goal to make the region borderless so that people can move and trade freely as envisioned in the Common Market Protocol,” said Mathuki.

EAC Secretary General Dr Peter Mathuki. PHOTO / COURTESY.

Based on the initial schedule, the unified currency was expected to be in place by 2024.

With the new currency, East Africa is taking a giant leap towards a borderless region, where people can move and trade freely.

Businesses will thrive, and the movement of persons will be seamless. The single currency is a game-changer that will make East Africa a more attractive destination for investment and tourism.

A delegation will be sent to Somalia to evaluate the country’s inclination to join the community. This move is a sign that the EAC is not content with just unifying its own currency but also wants to build a strong community of countries.

The news of the unified currency has sparked excitement and optimism throughout the region with some experts predicting that East Africa is on its way to becoming the next economic powerhouse of the continent.

This is a historic moment for East Africa and a shining example of what can be achieved when countries come together to work towards a common goal.

The EAC’s bold move towards economic unity is a step towards a brighter future for the entire continent.

SOURCE: THE HERITAGE TIMES

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
Editor

Editor

Next Post
EAC to set up regional central bank this year

EAC to set up regional central bank this year

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Wed, 22 Mar.

Recommended

Kenya Airways to sink further into the red on forex losses

Kenya Airways to sink further into the red on forex losses

2 months ago
Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns 

Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns 

8 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili