EAC, On Sunday, February 3, the East African government formally introduced a single currency for the East African Community (EAC) members.
Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of the Congo, and South Sudan collectively known as the East African Community (EAC) are anticipated to adopt the East African Sheafra (SHF) as their official currency.
The EAC disclosed during the launch that the SHF 5 will be one of six denominations that the Community releases.
The East African government told the media in a statement that the East African Sheafra, or SHF.5 Currency Note, has finally arrived. It is a fuv5. We also have six denominations: SHF.200, the largest East African Sheafra note, and 5, 10, 20, 50, and 100.
It was discovered that the currency was still in the specimen stage and had not yet been put into use.
The first person to get the cash was supposed to be Benson Kipruto, the Tokyo Marathon winner.
President William Ruto wrote a congrats message for the athlete, which prompted this announcement.
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EAC government told President Ruto that the Tokyo marathon winners would be awarded East African Sheafra money although they are still in a specimen.
Key Elements of the Currency include;
The Federal Republic of East Africa will regulate the Bank of East Africa, which will issue the note.
The EAC’s member nations have not formally established the financial entity that would take precedence over regional central banks.
The emblem “The East African Sheafra” will be inscribed in capital letters on the bottom of the coin.
In addition, the note will contain two watermarks with the East African Logo and the currency initials, SHF, and a magnetic strip.
The governor and secretary of the bank will sign the currency to attest to its legitimacy.
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