Get Malaysia Sun headlines emailed to you daily. Eastern African is working toward a common currency. Governors of the central banks of Kenya, Uganda, Tanzania, Rwanda and Burundi want a study to evaluate the level of readiness for the union of states to have a common currency. Last month in Uganda the Monetary Affairs Committee said the central banks had already done substantial work in laying foundations for a convergence of nations, but had not yet carried out a comprehensive study to review the convergence criteria. The Monetary Affairs Committee has been mandated as the board to oversee partner states to lay the foundation for the common currency. It will look at inflation and interest rates, level of budgetary deficits and foreign exchange reserves. read more
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