Burundi prepares to join EAC monetary union

 

Venuste Ndikumwenayo

The Government of Burundi is preparing for the program of monetary union in the region of the East African Community, a step of regional integration of capital importance because the duties of taxes on the borders will decrease appreciably.

This statement was made Wednesday, June 13, 2018, by Venuste Ndikumwenayo, in charge of development statistics at the BRB Central Bank, at a meeting that the BRB organized for journalists.

According to Venuste Ndikumwenayo speaking on the National Television RTNB, this single currency will be adopted to facilitate trade, the circulation of goods and services and factors of production and the recognition of the rights of establishment of the citizens of the various partner countries of the East African Community.

The Development Statistics Officer at the BRB also said that in the context of migration to the monetary union, the member countries have a firm commitment to remove all the barriers, all the restrictions that prevent operators and citizens of the community to operate or settle in a country of their choice.

And adding that the adoption of this single currency will be the final step after removing all existing restrictions on the movement of goods, services, factors of production and the right of establishment.

This measure will enable economic operators and citizens of EAC member countries to flourish economically and financially in an entity that will be considered as one family, he concluded.

 

The East African Monetary Union (EAMU) is an important stage in the process of East African Community (EAC) Regional Integration. The EAMU Protocol was adopted in accordance with the EAC Treaty and signed on 30th November 2013; it lays the groundwork for a monetary union within 10 years and allows the EAC Partner States to progressively converge their currencies into a single currency in the Community.

In the run-up to achieving a single currency, the EAC Partner States aim to harmonize monetary and fiscal policies; harmonize financial, payment and settlement systems; harmonize financial accounting and reporting practices; harmonize policies and standards on statistical information; and, establish an East African Central Bank.

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