• About
  • Advertise
  • Privacy & Policy
  • Contact
Kenyan Business Feed
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business
No Result
View All Result
Kenyan Business Feed
No Result
View All Result
Home News

EAC stalls on reforms to create single currency

Kenyan Business Feed by Kenyan Business Feed
Share on FacebookShare on Twitter

[ad_1]

The EastAfrican

By The EastAfrican
More by this Author

East African governments have up to September 30 to conclude key financial sector reforms spearheaded by the World Bank to lay the groundwork for a single currency regime by 2023.

The agreed implementation period for the eight-year EAC Financial Sector Development and Regionalisation Project (FSDRP) which was launched in 2011 is coming to a close on September 30. But implementation of the project — designed to foster regional integration and allow EA economies to achieve a monetary union — is lagging behind, largely due to lack of political will among member countries.

The project is funded by the World Bank through a grant of $26 million.

The reforms include linking regional stockmarkets electronically to operate as a single market, development of a regional bond market, interoperability of retail payments, harmonisation of financial laws and regulations, scaling up of financial inclusion and strengthening of market participants through training.

However, implementation of a joint stockmarket has been delayed since 2015 and effective operationalisation of a unified regional bourse is a key pillar of the entire project.

“There have been many variables that have delayed the implementation of the regional capital markets infrastructure project, but some of them are not within our control,” said Geoffrey Odundo, chief executive of the Nairobi Securities Exchange.

By last year, the cost of the project had risen by an additional $1.8 million due to delays.

The Pakistan-based Infotech Private Ltd was contracted to provide software linking the trading platforms of the Nairobi Securities Exchange, Uganda Securities Ex-change, Dar es Salaam Securities Exchange and Rwanda Stock Exchange to enable them to run as a single market in real time.

But the vendor also withdrew its services in November 2016 over non-payment of $777,649.

Last year, the EAC Council of Ministers said negotiations were still ongoing be-tween the EAC Secretariat, Infotech and the partner states with a view to reaching an agreement on how to finalise the project by September last year.

However, according to a report by the Kenya Capital Markets Authority released last week, no progress has been made so far in ensuring that this project goes live.

[ad_2]

Source link


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]
Kenyan Business Feed

Kenyan Business Feed

Recommended.

Shilling expected to weaken : The Standard

May 24, 2019

Businessmen at Mombasa port protest multiple taxation : The Standard

May 16, 2019

Subscribe.

Trending.

Co-op Bank Branches in Nairobi and Their Contacts

March 3, 2025
Co-operative Bank Subsidiaries

Co-operative Bank Subsidiaries Shine with Strong 2024 Profits

April 2, 2025
Kenya Wildlife Service shares an update on the successful repatriation of 17 mountain bongos, now thriving in their newly established sanctuary in Mount Kenya, marking a major milestone in conservation efforts.

Repatriated Mountain Bongos Show Signs of Thriving in Their New Habitat

April 1, 2025
Tourism CS Rebecca Miano discusses the economic impact and global appeal of the 2025 Safari Rally

Tourism CS Rebecca Miano Reveals Economic Impact of the 2025 Safari Rally

April 1, 2025

Tourism Ministry Leads Push to Improve Passenger Experience at JKIA with New Service Charter

April 1, 2025
Kenyan Business Feed

We focus on news, analysis, and reports about Kenyan business, covering sectors like agriculture, finance, tourism, and technology.

Categories

  • African
  • Agribusiness
  • Courts
  • Education
  • Health
  • Hospitality
  • Manufacturing
  • NetWorths
  • News
  • Reports & Analysis
  • World Business

Popular News

  • First look at the prison where El Chapo may live for the rest of his life

    First look at the prison where El Chapo may live for the rest of his life

    2157 shares
    Share 1040 Tweet 466
  • Sameer Africa CEO Sacked

    1803 shares
    Share 749 Tweet 439

Recent News

Co-operative Bank Subsidiaries

Co-operative Bank Subsidiaries Shine with Strong 2024 Profits

April 2, 2025
Kenya Wildlife Service shares an update on the successful repatriation of 17 mountain bongos, now thriving in their newly established sanctuary in Mount Kenya, marking a major milestone in conservation efforts.

Repatriated Mountain Bongos Show Signs of Thriving in Their New Habitat

April 1, 2025
  • Home
  • African
  • News
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF

No Result
View All Result
  • Home
  • African
  • News
    • Agribusiness
    • Courts
    • Hospitality
    • Manufacturing
  • Education
  • Health
  • Reports & Analysis
  • World Business

© 2025 KBF