EAC flag. (EAC)

The East African Community Monetary Affairs Committee Central (MAC) holding a meeting in Juba on Monday as the regional bloc is gearing towards adopting a single currency.

This is according to a press statement issued by the Bank of South Sudan.

The region’s monetary affairs committee is holding its 27th Ordinary Meeting in South Sudan after holding the last one in Burundi on March 2023.

The EAC central bank governors will discuss the process of harmonizing critical policies and putting in place the requisite institutions to attain a single currency.

The single currency is outlined in the EAC Monetary Union Protocol.

The EAC common market – consists of eight countries including Somalia, the new member state.

The convergence of the currencies of all seven EAC partner states into a single currency was to take 10 years, which means the regional bloc was to have a common currency by 2024.

Full attainment of the single currency will see the establishment of the East African Central Bank, which will be preceded by the East African Monetary Institute.

However, repeated delays in the implementation of the protocol have been impacting the expected goodies, like eased transactions at the borders.

Achieving the goal of setting up the monetary union, experts say, would ease transactions, including payments among EAC citizens.