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[AfricaRealities] EAC suspends plan for single currency - National - monitor.co.ug

 


EAC suspends plan for single currency

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By Stephen Otage

Posted  Saturday, November 15  2014 at  02:00

KAMPALA

The Governor Bank of Uganda has said East African heads of state have suspended the idea of creating a single currency until the region gets a common monetary framework.

While addressing the 10th Annual Meeting of the African Academies of Sciences in Kampala on Tuesday, Mr Emmanuel Mutebille said much as the heads of state were three years ago excited about creating a single currency, lessons learnt from the Euro-crisis indicated that for any common monetary framework to succeed, all the cooperating countries must have common fiscal policies so as to create a common central bank.

Lessons learnt 
"We have learnt lessons from Europe that to have a common monetary framework for countries requires a common fiscal regime and without it, forget," he said.
He said the Euro-zone crisis resulted from the free determination of domestic policies due to lack of unifying economic policy.

"The East African presidents three years ago took a decision to have a common Central Bank but realised it may take up to 2025 to have a common EAC currency because they are not accepting common fiscal policies," he said.

Similar regional policies
He stressed that for the currency to be effective, it must be guarded by a single bank with similar policies across the region.

Mr Mutebille, who was responding to questions regarding the Central Bank's performance in the region informed the scientists that compared to other member states, the bank was doing fairly well because all prices in Uganda are determined by the market and the fact that the country is operating a free market economy yet maintaining inflation, shows there is something Uganda can boast about.





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