Monday, March 4, 2024 –East African Community has distanced itself from Monday viral news that it had officially launched a common currency for the member States.
Making the statement on Monday March 4 morning, the EAC X-Platform made a clarification to demystify the reports that it had adopted a common currency in various denominations for immediate use.
“The EAC Secretariat wishes to inform all our stakeholders that the Partner States’ journey to a single currency is still a work in progress,” EAC stated adding that there was no immediate plan to roll out this.
Though there are plans to see this come to fruition, the project is still at an inception stage before its final roll out can be announced.
A verified X handle, purportedly an authority on bloc matters, claimed that East African countries had officially launched the common currency.
This currency was to be used by Kenya, Uganda and Tanzania who make member States in the Region.
The handle claimed that the currency is named as the East African Sheafra (SHF1) coming in various denominations.
“The East African Sheafra (SHF1 Sheafra) is valued at 0.76 cents on the Dollar, almost a Dollar; Tsh2800 (Tanzania Shillings), Ksh760 (Kenya Shillings), RFr.1,230 (Rwanda Franc), USh3,400 (Uganda Shillings), BF.3,103 (Burundi Franc),” read one of the post seen by Kenyawide.com on Monday.
This has since been flagged as incorrect and misleading by the EAC.