The Heads of State of the East African Community signed a Protocol on the Establishment of the East African Community Monetary Union on 30th November 2013. This is in line with Articles 5(2), 82 and 151 of the Treaty for the Establishment of the East African Community, whose goal is the eventual establishment of a political federation. The Protocol sets a framework for adoption of a single regional currency and establishment of an independent East African Central Bank, whose mandate is to ensure price stability, by 2024. Member states are required to harmonize their financial frameworks, and to achieve certain fiscal and monetary policy targets for eligibility to the Monetary Union.
