• Latest

EAC Nations Split Over Central Bank Location

March 4, 2025

Veteran political activist Ingrid Turinawe says she will honor PFF leadership as she picks expression forms for Rukungiri municipality MP seat

June 30, 2025
FDC Raises Concerns Over Academic Document Verification Directive

FDC Raises Concerns Over Academic Document Verification Directive

June 30, 2025
VINAStech Advert

Implications of Aiding or Abetting a Tax Offense In Uganda

June 30, 2025

Cryptocurrency And The Shadow Economy: Facilitators of Illicit Financial Flows In Uganda

June 30, 2025

DNA Results Reveal Only Four of Nine Children Were Fathered by Late Ssegirinya

June 30, 2025

NSPC Staff Cleans Usafi Market

June 29, 2025
Great Afrikan Radio Claire Chopper Dies at 52

Great Afrikan Radio Claire Chopper Dies at 52

June 29, 2025
Mother beheads 7-year-old daughter in Entebbe

Mother beheads 7-year-old daughter in Entebbe

June 28, 2025
Nkwene Withdraws From Ruhinda North Race, Backs Deputy Speaker Tayebwa

Bribe Allegations Baseless, Says Nkwene After Dropping Out of Ruhinda North Race

June 27, 2025

Fire Engulfs Late Ssemogerere’s Residence in Kabusu

June 27, 2025
EU forest partnership funds should also focus on restoring the degraded parts of Bugoma forest reserve

EU forest partnership funds should also focus on restoring the degraded parts of Bugoma forest reserve

June 27, 2025
PFF Denies Claims of Besigye’s Sole Candidacy

Over 100 pick PFF nomination forms

June 27, 2025
  • About Us
  • Internship
  • Contact Us
Monday, June 30, 2025
Parrots Media
No Result
View All Result
  • Login
  • News
    FDC Raises Concerns Over Academic Document Verification Directive

    FDC Raises Concerns Over Academic Document Verification Directive

    DNA Results Reveal Only Four of Nine Children Were Fathered by Late Ssegirinya

    NSPC Staff Cleans Usafi Market

    Mother beheads 7-year-old daughter in Entebbe

    Mother beheads 7-year-old daughter in Entebbe

    PFF Denies Claims of Besigye’s Sole Candidacy

    Over 100 pick PFF nomination forms

    CBS Journalist Jimmy Ssekabito Dies in Lubaga Hospital

    Trending Tags

  • Climate Change
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Business
  • Others
    • Education
    • Lifestyle
    • Religion
    • Opinions
  • News
    FDC Raises Concerns Over Academic Document Verification Directive

    FDC Raises Concerns Over Academic Document Verification Directive

    DNA Results Reveal Only Four of Nine Children Were Fathered by Late Ssegirinya

    NSPC Staff Cleans Usafi Market

    Mother beheads 7-year-old daughter in Entebbe

    Mother beheads 7-year-old daughter in Entebbe

    PFF Denies Claims of Besigye’s Sole Candidacy

    Over 100 pick PFF nomination forms

    CBS Journalist Jimmy Ssekabito Dies in Lubaga Hospital

    Trending Tags

  • Climate Change
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Business
  • Others
    • Education
    • Lifestyle
    • Religion
    • Opinions
No Result
View All Result
Parrots Media
No Result
View All Result
Home News

EAC Nations Split Over Central Bank Location

Admin-ParrotsMedia by Admin-ParrotsMedia
March 4, 2025
in News
2

Ugandan 1st deputy Prime Minister and minister for East African Community Affairs, Rt. Hon. Rebecca Alitwala Kadaga.

210
SHARES
4.9k
VIEWS
Share on FacebookShare on X

By Leonard Kamugisha Akida,

KAMPALA

READ ALSO

FDC Raises Concerns Over Academic Document Verification Directive

DNA Results Reveal Only Four of Nine Children Were Fathered by Late Ssegirinya

The East African Community (EAC) member states remain divided over the proposed location of the regional central bank, a crucial institution for the planned East African Monetary Union.

Ugandan minister of East African Community Affairs and First Deputy Prime Minister, Rt. Hon. Rebecca Kadaga says the disagreement threatens to delay the implementation of a common currency, a key goal for economic integration in the region.

EAC member states flags.

At the heart of the dispute is competition among member states—Kenya, Uganda, Rwanda, and Burundi, each vying to host the East African Central Bank (EACB).

Kadaga said that Rwanda withdrew it’s application to host the bank, and Tanzania was outrightly rejected because it already hosts three major EAC institutions including the headquarters, EALA and the East African Court of Justice. She added that three countries namely Uganda, Kenya and Burundi have expressed readiness to host the bank.

However, officials from the partner states have failed to reach a consensus, with each country presenting arguments based on economic stability, financial infrastructure, and strategic positioning.

Kenya, with its well-established banking sector and Nairobi’s status as a regional financial hub, has strongly pushed for hosting the institution. Uganda and Tanzania, however, have countered that a more neutral location should be chosen to ensure balanced regional development.

During a press briefing at the EAC ministry headquarters in Uganda, Kadaga expressed her commitment to common currency but acknowledged the growing tensions over the central bank’s location.

“I am concerned about the suffering of our people on the common currency, but we are still battling with where to establish a bank,” said Kadaga.

Kadaga underscored that another challenge facing the bloc’s ambitions for a unified economic future is that Central banks of the member states have not managed on the criteria to effectively converge currencies of other countries.

ADVERTISEMENT

“You can’t have a convergence criteria with Kenya which is already a middle income state,”she said.

Meanwhile, Kadaga has retaliated his proposed for a single currency to run alongside the currencies for participating member states.

East African Community Headquarters

In November 2013, EAC member states signed the protocol on the establishment of the East African Community Monetary Union (EAMU) requiring partner states to progressively converge their currencies into a single currency in the community.
According to the Monetary Union Roadmap, EAMU was expected to be established in 2024, however, this was not realized and the timeline was revised to 2031.

“The Monetary Union was expected to be established in 2024 as per the Monetary Union Roadmap. However, it was not been realized and the timeline was therefore revised to 2031,” said Her Excellence Veronica Mueni Nduva, the EAC Secretary General.

Experts warn that prolonged disagreements could stall the implementation of the East African Monetary Union, which aims to introduce a single currency by 2031.

Tags: Alitwala KadagaEAC Common CurrencyEAMIEAMUEast African Central BankEast African Monetary UnionRebecca KadagaSingle CurrencyVeronica Mueni Nduva

Related Posts

FDC Raises Concerns Over Academic Document Verification Directive
News

FDC Raises Concerns Over Academic Document Verification Directive

June 30, 2025
News

DNA Results Reveal Only Four of Nine Children Were Fathered by Late Ssegirinya

June 30, 2025
News

NSPC Staff Cleans Usafi Market

June 29, 2025
Mother beheads 7-year-old daughter in Entebbe
News

Mother beheads 7-year-old daughter in Entebbe

June 28, 2025
PFF Denies Claims of Besigye’s Sole Candidacy
News

Over 100 pick PFF nomination forms

June 27, 2025
News

CBS Journalist Jimmy Ssekabito Dies in Lubaga Hospital

June 27, 2025
Next Post
Stolen Motorcycle Number Plates recovered by Police in Lwengo

Stolen Motorcycle Number Plates recovered by Police in Lwengo

Please login to join discussion

POPULAR NEWS

Catholic Priest Speaks Out Against Museveni and Son’s Leadership

Catholic Priest Speaks Out Against Museveni and Son’s Leadership

February 16, 2025

Former IGP Okoth Ogola Dies

February 14, 2025

A Love Beyond Distance: A review of Leonard Kamugisha Akida’s poetic tribute on valentine’s day

February 14, 2025

Besigye Sends Easter Message from Luzira Prison as Archbishop Kazimba Urges for Release of Political Prisoners

April 18, 2025
Brutality at KIU: Students Assaulted by Officials at Examination Hall

KIU Loses Bid to Block Payment of Shillings 46.8 Billion to Housing Finance Bank

March 12, 2025

EDITOR'S PICK

Vaccination Card no longer condition for public transport

January 6, 2022
FDCParty Leaders Trek Through Mt. Elgon National Park to Raise Funds for Education in Bududa District

FDCParty Leaders Trek Through Mt. Elgon National Park to Raise Funds for Education in Bududa District

January 3, 2024
Gov’t to procure, distribute Laptops to learners

Gov’t to procure, distribute Laptops to learners

August 18, 2023
COVIDEX case set for hearing

COVIDEX case set for hearing

November 17, 2021
VINAStech advert VINAStech advert VINAStech advert
ADVERTISEMENT

About

Parrots Media

A Public Relations and Media Services Company registered and licensed to operate in Uganda and the Great Lakes Region.

Follow us

Categories

  • Business
  • BUSINESS REPORTS
  • CLIMATE ACTION REPORTS
  • Climate Change
  • COMMUNITY REPORTS
  • Education
  • Entertainment
  • FEATURES
  • Health
  • Lifestyle
  • News
  • News
  • Obituary
  • OBITUARY
  • Opinions
  • RELIGION
  • Religion
  • Science and Technology
  • Sports
  • Sports and Entertainment
  • TOURISM

Recent Updates

  • Veteran political activist Ingrid Turinawe says she will honor PFF leadership as she picks expression forms for Rukungiri municipality MP seat
  • FDC Raises Concerns Over Academic Document Verification Directive
  • Implications of Aiding or Abetting a Tax Offense In Uganda
  • Cryptocurrency And The Shadow Economy: Facilitators of Illicit Financial Flows In Uganda
June 2025
M T W T F S S
 1
2345678
9101112131415
16171819202122
23242526272829
30  
« May    
  • About Us
  • Internship
  • Contact Us

© 2025 Parrots Media | Website Designed and Maintained by VINAStech

No Result
View All Result
  • Parrots Media
  • News
  • Business
  • Science and Technology
  • Sports and Entertainment
  • Lifestyle
  • Others
    • Climate Change
    • Education
    • Religion
    • Opinions

© 2025 Parrots Media | Website Designed and Maintained by VINAStech

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

You cannot copy content of this page