East Africa: EAC to Drop U.S. Dollar As Regional Currency/ Harmonize Curricula

[MsJo...@aol.com]

Sounds like a plan as my Dad would say to cheer a solution. The CEMAC region - the six countries in Central Africa already have CEMAC passport.

 

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Nairobi Star (Nairobi)

East Africa: EAC to Drop U.S. Dollar As Regional Currency

Kennedy Lesiew and Jessica Nyaboke

11 November 2011

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Residents of the East African Community no longer have to use the dollar as a medium when changing currencies from one member state to another. Deputy director in charge of regional integration Alice Yalla said traders operating within the region can now directly change their currency to the host nation in accordance with the exchange rates.

Speaking to the Star in Eldoret, Yalla said the move is a great saving to traders who have been losing up to 35 per cent of their currency's value during the exchange. She said with the establishment of banks which are operating across the region, residents can now withdraw money through the ATM when in any member state in the desired currency.

Yalla said the region is yet to achieve the goal of having a common currency but hoped that they will beat the April 2012 deadline. "Plans are underway to harmonize the education systems and curriculum at every level of learning so that all graduates member states can fit in the job market ." Said Yalla adding that the process will assist in bridging skills due to current shortage of labour in the market.