The East African Community (EAC) on Monday, March 4, has denied reports that the region has launched SHEAFRA (SHF), a new currency for the region.
How The News of the SHEAFRA Emanated
On Sunday, March 3, a verified X (formerly Twitter) account for the Government of East Africa has claimed that the community is set to launch the common currency for the region which comprises of seven Partner States. They are Burundi, the Democratic Republic of Congo, Kenya, Rwanda, South Sudan, Tanzania, and Uganda.
News on the SHEAFRA from the EAC Secretariat
Dissociating the regional intergovernmental organisation from the news, a press statement reads thus:
“The EAC Secretariat wishes to inform all our stakeholders that the Partner States’ journey to a single currency is still a work in progress,”
“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),” reported the Government of East Africa on their X platform.
When Will The SHEAFRA Be Launched
Furthermore, EAC noted that there was no immediate plan to roll out new banknotes in the region. For the EAC, the common currency remains a dream for the community, there were still pending logistics to be handled before rollout.
Despite denying the news, the EAC however did not denounce the organisation which issued the communication in the first place.
How The SHEAFRA Currency Launch Started
Recall that there have been plans to put in place East African single currency by 2024 since 2020 as outlined in the EAC Monetary Union Protocol and the launch of this policy has faced several postponement on various set dates.
Once the single currency, SHEAFRA, is adopted, it will be a legal tender from Kenya, Uganda, Tanzania, Rwanda, Burundi, South Sudan and the Democratic Republic of Congo.
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