EA regional assembly adopts monetary union report

 He said Tanzania’s official stand regarding the willingness of other countries to enter bilateral or trilateral arrangements needed consensus before their implementation. PHOTO|FIL

Posted  Saturday, November 2  2013 at  11:27

In Summary

• This was at the on-going Eala secession in Bujumbura yesterday on the Consultative Workshop on the East African Monetary Union (Eamu).

>The East African Legislative Assembly (Eala) has adopted the Monetary Union report and called for its full implementation.

• This was at the on-going Eala secession in Bujumbura yesterday on the Consultative Workshop on the East African Monetary Union (Eamu).

EA regional assembly adopts monetary union report

By Dorothy Nakaweesi

The Citizen Correspondent

Kampala. The East African Legislative Assembly (Eala) has adopted the Monetary Union report and called for its full implementation.

This was at the on-going Eala secession in Bujumbura yesterday on the Consultative Workshop on the East African Monetary Union (Eamu).

While the assembly maintained that the Eamu was a defining moment for the integration process, it reiterated the need for the region to move with haste to fully implement the Customs Union and the Common Market Protocols.

“Full implementation of the two Pillars, the Assembly ascertains, will pave way for entry of the single currency,” an Eala member said.

The report presented by Ms Angela Kizigha, chairperson of the CTI, said once in place, the Eamu would promote and sustain a zone of sound monetary policy and prudent fiscal policies to reinforce EAC’s monetary policies.

The roadmap of the Eamu provides for its implementation over a 10-year period, time within which, the single currency shall be realised.