East Africa edges towards monetary union - safeguards in place to avoid Eurozone type of crisis

The five East African Community countries including Burundi, Kenya, Rwanda, Tanzania and Uganda are edging closer to establishing a single currency.

The creation of the monetary union is the next step in the integration of the East African Community after the adoption of a common market and a customs union which provides for the free movement of capital and labor.

The monetary union protocol, to be approved in November this year, concludes years of negotiations that often exposed the

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