EAC common currency

[Aurelian]

 

[New World]

This is not going to happen. They have been talking about this for the last 15 years.

None of these countries will give up control and unite on a common currency.

if they do go ahead with it in the future, we can choose the UK model.

The UK kept its currency when it was part of the EU .

or we leave the EAC.

 

[Avalanche]

 

[wonyluvr]

What do you think of this

 

[Ximan iyo Xadeed]

This is actually good

 

[Dalac Bilaash]

Our currency is dead this is actually good it can revive our economy and in the mean time it opens so many markets for Somali businesses without exchanging currencies in every country they do business.

 

[Aarka.]

Is this block, not purely an economic block? Why is it moving like a federal republic state?

Who will control these banks?

 

[ForestDweller]

Is this block, not purely an economic block? Why is it moving like a federal republic state?

Who will control these banks?

I'm pretty sure they are trying to shape it similar to the EU.

 

[Garaad Awal]

I hope it happens

 

[Keep it a boqol]

good move. We’re too far behind for isolationist policies

 

[محمود فارح]

good move

What are the positives bro?

 

[Zkr]

We will benefit from a strong currency but at the same time, I'm worried how this will be utilised.

 

[Keep it a boqol]

What are the positives bro?

Rather than focusing on reviving the Somali shilling, we can piggy back off Kenyas and Tanzania’s economies.

Only downside is that cheap goods will flood our markets and compete out locals made goods. Hopefully, the free trade may accelerate growth of our economy as well inshalllah

 

[Pastoralist]

Is this block, not purely an economic block? Why is it moving like a federal republic state?

Who will control these banks?

It’s not, I posted thread about this. The final goal of the EAC is to work towards the EAF. Which is a federation of all 7 countries

 

[Pastoralist]

are niggas on this site mentally ill. Why is everybody celebrating a foreign backed currency overtaking our own which doesn’t even exist yet. We’re richer than all these countries, Congo’s crappy gdp will be strengthened by our own, which will just end up keeping the currency stagnated. If it was only kenya, Rwanda, Uganda, Tanzania it’d be better, but these broke countries will hold the currency and our exchange rate back. You guys don’t see it but this is the first step in overtaking our market. Next they’ll overtake our sectors which aren’t properly developed yet, not because they can’t be, but because they haven’t been given a chance.

 

[Macawisley]

The UK kept its currency when it was part of the EU .

Yes because of an Opt-out.

 

[Riftvalley]

We reject this as a historic Arab nation.

 

[Keep it a boqol]

 

[Buddeh]

A common currency would be a good thing if our own domestic currency was tied to it as that will allow us to trade regionally without hard to find dollars. The only downside is we’re not nearly as industrialized to take advantage of it.

 

[Avalanche]

bruh, tbh the design was so trash so I'm kinda glad its fake