The secretariat of the East African Community (EAC) regional bloc has dismissed rumours circulating that a new common currency has been launched.
A post on platform X (formerly Twitter), claimed that the bloc’s member countries have launched a common regional currency.
“The EAC Secretariat wishes to inform all our stakeholders that the Partner States’ journey to a single currency is still a work in progress. Kindly ignore any rumors circulating on social media on the unveiling of new banknotes for the region “the EAC stated.
The account said that the currency was called the East African Sheafra, a combination of the shilling of East Africa and Franc.
The account also shared an image of a fake banknote of the purported single currency.
The post has received over half a million views and was shared by some leading media outlets and online personalities in the region.
However, on the regional bloc’s website, it is indicated that there are Plans to put in place East African single currency by 2024 which is “well underway”.
The EAC Monetary Union Protocol, outlines the process of acheiving a common currency for the bloc.
It should be noted that by 2020 the East African Monetary Institute (EAMI) had already been assented to by the Summit of Heads of State, which would later be transformed into the East African Central Bank that would issue the single currency.
“The establishment of this institute will help to provide impetus towards the formation of the East African Monetary Union, which is the third pillar of our integration,” said an official at the sectariat.
The Community had developed requisite legal instruments (Bills) for the insurance and microfinance sub-sector and strategies for implementation of financial education and insurance certification.
