One union makes many. After studying the experience of their European counterparts, the leaders of some African countries agreed to establish their own single currency bloc. The East African Community (EAC) is modeled after the European one. After long discussions, five countries of East Africa including Kenya, Uganda, Rwanda, Tanzania, and Burundi made up their minds to sign an agreement on creation of the monetary union. The common currency is supposed to be introduced in 10 years. The current EAC chief and President of Kenya Uhuru Kenyatta highlighted the benefits that African countries will gain after the new agreement adoption. "The union will eliminate the costs related to juggling different currencies, thereby reducing transaction costs," he said.
It is worth reminding that the African Community was founded in 1967. In 1977, it was eliminated, but on July 7, 2000 it was brought to life again. By the way, the idea of using the same currency is not revolutionary as such. When this territory bore the name of British East Africa, there was a single regional currency, the East African shilling.
