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EAC Secretariat Alerts on False Currency Claims

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louis Buyisiwe

Mar 4, 2024

EAC common currency Fake news

"Artistic depiction of a fictional 'SHEAFRA' banknote representing the East African Community, with 'FAKE NEWS' prominently watermarked across, symbolizing the importance of information verification.
'SHEAFRA': A fictional glimpse into the future of East African unity, marked by the stark reminder to always verify news

The East African Community (EAC) Secretariat has issued a warning about misleading information spreading on social media concerning the launch of a new common currency for the region.

This clarification comes after a fake account with a government-affiliated grey checkmark falsely announced the introduction of the East African currency, causing confusion among stakeholders.

Prominent media figure Larry Madowo highlighted the issue, noting the challenges faced by the EAC's official account in addressing the misinformation caused by the unauthorized announcement. The EAC Secretariat reassured the public that the establishment of a single currency is an ongoing process, emphasizing the importance of disregarding unfounded rumors.

The EAC is actively working towards a Monetary Union, with the eventual goal of launching a unified currency as part of its integration efforts. This initiative aims to streamline transactions, harmonize prices across the region, and enhance economic stability. However, it also involves complex considerations, such as the alignment of monetary and fiscal policies among member states and the potential loss of individual monetary control.

The community urges stakeholders to stay informed through official channels and remain vigilant against misinformation on social media platforms.

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