The East African Government has today officially released a common currency for its members in the East African Community (EAC).
The EAC comprises Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo (DRC) and South Sudan with a total population of around 300 million people.
The region is expected to start using the currency that will be known as East African Sheafra (SHF) with initials SH standing for Shillings, EA – East Afran and FRA – Franc.
During the launch, EAC announced the SHF 5 would be part of six denominations that will be released by the community.
“We have 6 Denominations, 5, 10, 20, 50, 100, and SHF.200 as the biggest East African Sheafra Note.”
It was revealed that the use of the currency was yet to come into effect as it was still at the specimen stage.
Member countries of EAC are yet to officially set the financial institution which would be superior to local central banks.
One Sheafra is expected to be equal to 0.76 cents US dollars.
