The East African Government has officially announced the release of a common currency for members of the East African Community (EAC) called Sheafra that is yet to become the official money for all East African countries. Here's wht we know so far.
Through their social media, the EAC, announced that the community consisting of countries; Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo, and South Sudan are to use the same currency Sheafra.
The introduction of the SHF marks a historic step towards facilitating trade and economic cooperation among member states.
SHEAFRA Meaning:
Those saying that Geographics of Burundi and Rwanda are excluded, it's not true, Franc is used by Burundi and Rwanda, so its abbreviated in the Word #Sheafra Currency.
During the launch ceremony, it was revealed that the East African Sheafra would be issued in six denominations, ranging from SHF 5 to SHF 200. This comprehensive range aims to cater to various transactional needs within the region.
While the currency is currently in the specimen stage and not yet in circulation, its imminent introduction signals a new era of financial unity and collaboration within the East African region.
Benson Kipruto, the victor of the Tokyo Marathon, was slated to be the first individual to receive the currency, underscoring its symbolic importance.
The Key features of the East African Sheafra include its issuance by the Bank of East Africa, which will operate under the regulatory oversight of the Federal Republic of East Africa.
The East African Sheafra (SHF1 Sheafra) valued at US$0.76 Cent dollars, almost a Dollar; equates to Tsh2800 Tanzania Shillings, Kshs760 Kenya Shillings, RFr.1230 Rwanda Franc, USh3400 Uganda Shillings, BF.3103 Burundi Franc.
