Uganda Business News: EAC monetary Union discussions ongoing

First published: 20120130 1:24:23 PM EST

Dr. Enos Bukuku, EAC Deputy Secretary General in charge of planning and infrastructure.
Dr. Enos Bukuku, EAC Deputy Secretary General in charge of planning and infrastructure.

Ultimate Media

East Africa Community member states are still negotiating on how to best harmonise the monetary union before one currency is declared for the regions.

The Deputy Secretary General in charge of planning and infrastructure, Dr. Enos Bukuku told the East Africa legislative Assembly meeting in Kampala today that the negotiations are expected to be complete by the end of the year.

He says that the high level taskforce has for the past 6 months been trying to work out a modality on harmonize different currencies in partner states of Uganda, Kenya, Tanzania, Burundi and Rwanda.

Dr. Bukuku says member states should push their respective finance ministries and central bank governors to meet regularly to discuss the matter of the monetary union since it has an economic implication.

He adds that the discussions should also focus on monetary and exchange rate policies, as well as the financial markets.

Bukuku however says that the EAC should first study the implications of a monetary union in relation with the recent Eurozone crisis before making hurried decision on having a uniform currency.