East Africa inches closer to monetary union

IMF official offers advice on allocating financial stability authority


The East African Community (EAC) is inching closer to full economic and monetary union, but many problem areas remain, according to a recent progress report issued by the EAC.

A "scorecard" of reform progress on free movement of capital, services and goods showed the total number of "non-compliant" areas had fallen from 63 to 59 since the last study, conducted in 2014. All of the six nations that make up the bloc remain "largely non-compliant", said EAC deputy secretary general Jesca Eriyo.


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