East African Community to Decide on Regional Central Bank Launch in 2023 – Africa Bitcoin News

East African Community to Decide on Regional Central Bank Launch in 2023 East African Community to Decide on Regional Central Bank Launch in 2023 – Africa Bitcoin News0

The East African Community (EAC) will decide during the course of the year 2023 when and where it will locate the envisioned regional central bank, the regional intergovernmental organization’s Peter Mathuki has reportedly said. The setting up of the regional central bank is expected to help the EAC achieve its goal of attaining a single currency regime in three years.

Location of the Regional Central Bank

As the East African Community (EAC) inches towards its single currency regime objective, a top official said the regional intergovernmental organization would decide when and where it will locate the planned regional central bank in 2023. According to a report, the financial institution, which will be known as the East African Monetary Institute (EAMI), is seen as an establishment that is vital to implementing a single currency regime.

According to Peter Mathuki, the EAC secretary general, the organization’s council of ministers is expected to deliberate on the location of the regional central bank.

“The EAMI will be in place this year in what will allow us to harmonize member states’ fiscal and monetary policies, then in about three years we will have a common currency in place,” Mathuki reportedly said.

Once the regional currency is implemented, the EAC will move closer to its objective of enhanced movement of businesses and persons within the region. This, in turn, will ostensibly boost intra-regional trade, which stood at $10.17 billion by September 2022.

Eliminating Non-Tariff Trade Barriers

As previously reported by Bitcoin.com News, the EAC, which consists of seven African countries, hopes to have a single currency in place by 2024. The same report also revealed that member states had explored the possibility of having a central bank digital currency replace the moribund East African Payment System (EAPS).

Meanwhile, in addition to helping to ease the movement of businesses and persons within the region, the EAC leadership has also held discussions on how the organization can eliminate non-tariff trade barriers. As noted in the report, a total of 257 non-tariff barriers (NTB) have been solved since 2007.

Register your email here to get a weekly update on African news sent to your inbox:
Tags in this story central bank digital currency, common currency, East African Community, East African Monetary Institute (EAMI), East African Payment System (EAPS), non-tariff barriers, Peter Mathuki

What are your thoughts on this story? Let us know what you think in the comments section below.

East African Community to Decide on Regional Central Bank Launch in 2023 – Africa Bitcoin News1 Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

East African Community to Decide on Regional Central Bank Launch in 2023 – Africa Bitcoin News2 Tanzanian Central Bank Adopts ‘Phased and Risk-Based Approach to Adoption of CBDC’ AFRICA | 2 days ago East African Community to Decide on Regional Central Bank Launch in 2023 – Africa Bitcoin News3 Report: Egyptian Pound Reaches New Low Against US Dollar Despite Flexible Exchange Rate Regime AFRICA | 3 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons

Previous article

Eurozone Finance Ministers Pledge Support for Digital Euro Project, Talk Privacy

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimerShow comments

More Popular News

In Case You Missed It

East African Community to Decide on Regional Central Bank Launch in 2023 – Africa Bitcoin News4

Ripple CEO: SEC Lawsuit Over XRP ‘Has Gone Exceedingly Well’

The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP “has gone exceedingly well.” He stressed: “This case is important, not just for Ripple, it’s … read more.

Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Fed’s Bullard Wants to Raise Bank Rate to 3.5% by Year’s End, Hints at 75 Basis Point Rate Hike Terra’s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

Source

Updated: 01/19/2023 — 07:00

Leave a Reply

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

Btc news © 2021 Frontier Theme