Crocodiletooth
JF-Expert Member
- Oct 28, 2012
- 18,611
- 20,935
As meeting sat yesterday
Uganda Radio Network (URN) that the evaluation report by the verification team of experts interacted with stakeholders in Uganda and their final recommendations were that Tanzania were given priority to host, while sidelining Uganda to be host to the EAC Central Bank.
It is anticipated that the operationalization of the Monetary Institute will effectively set give leeway to the EAC single currency by 2024 as envisaged in the East African Monetary Union Protocol. Kadaga revealed that the Government of Uganda has offered space at the former Greenland Ban to host the Institute while a prime plot of land in Naguru has been secured for the construction of the East African Central Bank headquarters.
Currently, the capital Arush, Tanzania is a host to the EAC headquarters; East African Legislative Assembly – EALA and the East African Court of Justice. According to resolution of the Council of Ministers, a Partner State that will host the Monetary Institute shall as well cover office rent, office equipment, utilities and other support for the first two years. The Institute will act as a transitional mechanism to the EA Central Bank that will issue the single currency expected to be in place by the year 2024.
