Wednesday, May 11, 2011

EAC to Decide on Model for Monetary Union

East African Community member states will be able to know what model the region will adopt for the much anticipated monetary Union in three months time.

Speaking to Contact FM on phone Wednesday, Dr. Thomas Kigabo Rusuhuzwa, Chief Economist National Bank of Rwanda who is also among those leading the single currency negotiations on behalf of Rwanda said that it was still early to tell how the union will be structured.

Various media reports have said that some of the partner states have been cautious in pushing for the Monetary Union, with analysts saying they needed to study the implication of transferring all their monetary powers to the regional level, since after implementation of the Monetary Union, any problems would jeopardize the entire region.
Kigabo insists that for the moment, his country hasn’t seen anything to worry about.

Meanwhile, East African Community states have agreed to fast-track the harmonisation of macroeconomic and financial statistics ahead of the planned launch of the EAC Monetary Union protocol by next year.

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