EAC partner states reported progress on establishing a single regional currency by 2031 during the 29th Monetary Affairs Committee meeting in Kampala.

While no country has met all four convergence criteria for a monetary union, advancements include harmonizing monetary policies, improving data systems, and promoting regional payment systems.The EAC Cross-Border Payment System Masterplan aims to modernize payment infrastructure, reduce transaction costs, and boost trade.Despite uneven progress, the 2031 target remains a key goal.

Central bank governors and officials emphasized collaboration and resource mobilization to achieve economic alignment under a shared monetary framework.The meeting highlighted ongoing reforms and the need for continued coordination among member states.