Rebecca Kadaga, the First Deputy Prime Minister and Minister for East African Community Affairs, has announced that the implementation of a common currency for the East African Community (EAC) is currently on hold until certain prerequisites are addressed.

During a press briefing in Kampala, she discussed outcomes from recent significant summits, including the 3rd Annual EAC Judges Conference and developments regarding the EAC Political Confederation.

Kadaga highlighted that the East African Legislative Assembly (EALA) has passed a bill to establish the East African Financial Services Commission (EAFSC), a crucial step toward achieving a regional monetary union.

However, the member states are still deliberating on the location of the proposed East African Monetary Institute (EAMI), which is to serve as the new central bank.

There are discussions about positioning the EAMI in Tanzania, but concerns have been raised by Kenya and Uganda regarding this choice.

Kadaga expressed confidence that once these decisions and integrations are completed, the common currency will be introduced, significantly mitigating the financial losses currently faced by member states.

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