The EAC Secretariat on Tuesday issued a statement saying the Sunday news about new East African Community currency Sheafra was fake.
According to the East Africa Government, though it is working on the realisation of the common currency, the information circulated did not originate from the EAG.
“The EAC Secretariat wishes to inform all our stakeholders that the Partner States’ journey to a single currency is still a work in progress. Kindly ignore any rumours circulating in social media on the unveiling of new banknotes for the region,” read part of the statement issued.
The Sheafra SHF.5 Currency is said to have been adopted from the Kenya Shilling and Rwanda Franc.
The denominations are said to range from 5, 10, 20, 50, 100 and 200 Sheafra which is the biggest denomination.
However, when circulation begins , all the 7 East African Community member states being Kenya, Uganda, Tanzania, Rwanda, Burundi, Democratic Republic of Congo (DRC) and South Sudan will use the common Sheafra currency.
The Sheafra Note when in circulation will be supplied by Bank of East Africa and will be regulated by Federal Republic of East Africa.
The East African Monetary Union protocol was adopted in accordance with the East African Community (EAC) treaty and signed on November, 30, 2013. It laid groundwork for a Monetary Union within 10 years and allowed the EAC partner States to progressively converge their currencies into a single currency in the Community.
That period lapsed in 2023 paving way for the launching of the single Sheafra currency.