4/18/2024
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Bloc dismisses fake East African common currency


Monday March 4, 2024


The EAC secretariat says the announced banknote is fake

The secretariat of the East African Community (EAC) regional bloc has dismissed a post on X, formerly Twitter, which claimed that the bloc's member countries have launched a common regional currency.

The post had been shared on Sunday by a fake X account named "Government of East Africa".

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The account said that the currency was called the East African Sheafra, a combination of the shilling of East Africa and Franc.

The account also shared an image of a fake banknote of the purported single currency.

The post has received over half a million views and was shared by some leading media outlets and online personalities in the region.

The EAC secretariat dismissed the report of a unified regional currency late on Sunday, saying that the creation of a single East African currency "is still a work in progress".

"Kindly ignore any rumours circulating in social media on the unveiling of new banknotes for the region."

In 2013, EAC member countries set a target for a single currency by 2024.

The bloc missed the target and pushed the delivery time for the single regional currency to 2031.



 





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