East African Community central bank governors have confirmed steady progress toward a single regional currency despite challenges, with the 2031 target intact following a July 24 meeting.
East African Community central bank governors confirmed steady progress toward introducing a single regional currency after their Monetary Affairs Committee meeting on July 24. They reviewed the revised roadmap for the East African Monetary Union and noted advancements in modernising monetary policy frameworks along with stronger data systems and risk management.
The governors stated that no partner state has yet met all four primary macroeconomic convergence criteria. A committee statement said progress remains uneven even as member states carry out reforms, while external pressures from global economic volatility and geopolitical conflicts add further difficulty.
To build resilience the governors called for diversified foreign exchange reserves through domestic gold purchases and higher remittance inflows. They also agreed to introduce a peer review mechanism and to advance the East African Monetary Union roadmap along with the Cross-Border Payment System Masterplan.