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Wednesday, April 27, 2011

Talks on Monetary Union Held in Mwanza Tanzania

Senior officials among them Central Bank governors from East African Community partner states have been meeting in Mwanza Tanzania since Monday in yet another negotiation round moving closer to the much anticipated East African Community Monetary Union.
This meeting, the second of its kind according to organizers is aimed at considering the structure of the proposed East African Community Monetary Union Protocol.
According to the timetable of the East African Community integration process, the EAC monetary union is supposed to be effective by 2012 although experts have warned that this deadline may not be met due to the complexity of some of the processes towards the common currency for the region. Among the challenges, how to deal with the issue of the micro-convergence criteria
The first meeting was held in mid January 2011 in Arusha, Tanzania and another in late February in Burundi.

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