Economy

COMESA launch of monetary union postponed to 2030

Based on the assessments by the Common Market for Eastern and Southern Africa (COMESA) monetary institute, the launch of monetary union that was expected by January 2018 has been postponed to 2030.

Participants in 22nd meeting of the Committee of Directors of the Central Banks held in Bujumbura

Participants in 22nd meeting of the Committee of Directors of the Central Banks held in Bujumbura

The date set by the COMESA Summit of Heads of State, which proposes to establish the Monetary Union by 2018 is highly unlikely, according to assessments carried out by COMESA experts.

Audace Niyonzima, Director of Economic and Statistical Studies at Burundi National Bank (BRB), says the conclusions of the 22nd meeting of the Committee of Directors of the Central Banks held in Bujumbura since 27 March would lead to the establishment of the launch of the monetary union date.

According to him, most COMESA member states do not comply with COMESA criteria in their budget statements and economic policies. “The fiscal deficit and inflation criteria remained the biggest challenge to launch the COMESA monetary union,” says Niyonzima.

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