Govt’s bid to host East African Monetary Institute progressing

Aug 24, 2021

The institute is expected to create employment opportunities for semi and unskilled Ugandans

Dr Chris Baryomunsi the minister of ICT and National Guidance.

Cecilia Okoth
Journalist @New Vision

Uganda is currently in the process of bidding to host the East African Monetary Institute (EAMI), as a precursor to hosting the East African Central Bank.

Dr Chris Baryomunsi the minister of ICT and National Guidance on Tuesday revealed that Government had made progress saying the loci of EAMI would become a central hub of crucial economic activities with significant multiplier effects.

This will boost economic activities by offering business opportunities to local entrepreneurs in hotels and restaurants, transport, trade, ICT, financial services and tourism in addition to providing lucrative business for the national carrier-Uganda Airlines,” Baryomunsi said.

He was briefing journalists on cabinet decisions taken during the cabinet meeting held on Monday, August 23, 2021.

EAMI, he added is also expected to create employment opportunities for semi and unskilled Ugandans.

The East African Monetary Institute (EAMI) is one of the four institutions expected to carry out much of the preparatory work for the creation of the East African Monetary Union.  

The other three institutions are the: East African Community (EAC) Financial Services Commission; EAC Surveillance, Compliance and Enforcement Commission, and; EAC Statistics Commission. 

It is anticipated that the Monetary Union, the third pillar in the EAC Integration, will be in place in 2024 with the introduction of a common currency and the establishment of a regional central bank.  

Criteria for the establishment of the Monetary Union include the attainment of macroeconomic convergence criteria, the establishment of institutions to support the Monetary Union and harmonization of policies and regulatory frameworks.

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