EAC leaders advised on Monetary Union

 

EAC leaders

With just days to the signing of the Monetary Union Protocol, East African Countries are being advised on use of a single currency.

Experts say fiscal discipline needs to be harmonized if a single currency system is to be realized.

Speaking to KFM, Dr. Enos Bukuku the deputy secretary general in charge of planning at the East African Community said it will be extremely difficult to harmonize economies of the 5 countries, without harmonized monetary policy.

He explained that intuitions like the East African Central Bank must be established to man economies.

The five EAC heads of state are set to sign the Monetary Union Protocol on Saturday as part of the activities lined up for the15th ordinary summit in Kampala this weekend.