EAC to Set up Regional Central Bank This Year

  • by Rodney Mponye
  • January 17, 2023

A decision to set up the East African Monetary Institute –the Central Bank of East Africa—will be made this year, a key establishment required in implementing a single currency regime.

East African Community (EAC) Secretary-General Dr Peter Mathuki said the Council of Ministers is expected to plan on the location of the EAMI this year.

Over the recent past, member states have been jostling to host the EAMI, each angling to avail themselves of the massive potential to attract foreign capital and become the region’s financial hub.