Emergence of “the Afro” currency
Five east African countries have taken the first steps towards establishing a common currency.
At a meeting in Kampala, Uganda, the presidents of Burundi, Kenya, Rwanda, Tanzania and Uganda said they would adopt a single currency within the next 10 years. The five countries are part of the East African Community (EAC) regional economic bloc, formed in 2000.
On Saturday, the countries agreed to set up a monetary union modeled after the eurozone and open a single customs union by 2014.