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The East African shilling was the sterling unit of account in British -controlled areas of East Africa from 1921 until 1969. [1] It was issued by the East African Currency Board. It is also the proposed name for a common currency that the East African Community plans to introduce. The shilling was divided into 100 cents, and twenty shillings ...
These included the Somali shilling; the Italian East African lira; and the African franc (in Francophone countries). Many post-colonial governments have retained the name and notional value unit system of their prior colonial era currency. For example, the British West African pound was replaced by the Nigerian pound, which was divided into ...
The African Kingdoms LUMI is Africa's new global currency with rapidly growing usage throughout continental Africa and the Sixth Region. In March 2024, (AKL) LUMI joined the basket of global currencies used for African developmental purposes when it was adopted as an official tender by the executive secretary of Water and Sanitation for Africa ...
The African Monetary Union ( AMU) is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, similar to the euro; the hypothetical currency is sometimes referred to as the afro or afriq. [1]
The East African Federation ( Swahili: Shirikisho la Afrika Mashariki) is a proposed political union of the eight sovereign states of the East African Community in the African Great Lakes region – Burundi, the Democratic Republic of the Congo, Kenya, Rwanda, South Sudan, Tanzania, Somalia and Uganda – as a single federated sovereign state. [6]
The new treaty was proposed with plans drawn up in 2004 to introduce a monetary union with a common currency, the East African shilling, some time between 2012 and 2015. There were also plans for a political union , the East African Federation, with a common President (initially on a rotation basis) and a common parliament by 2010.
The eco is the name for the proposed common currency of the Economic Community of West African States (ECOWAS). Plans originally called for the West African Monetary Zone (WAMZ) states to introduce the currency first, which would eventually be merged with the Euro-pegged CFA franc which is used by the French-speaking West African region within the West African Economic and Monetary Union (UEMOA).
The first Ugandan shilling (UGS) replaced the East African shilling in 1966 at par. Following high inflation, a new shilling (UGX) was introduced in 1987 worth 100 old shillings. The shilling is usually a stable currency and predominates in most financial transactions in Uganda, which has a very efficient foreign exchange market with low spreads.