Common currency by 2031? EAC revives single currency push as central banks turn to gold

Central Bank of Kenya Governor Dr Kamau Thugge at Bunge Towers, Parliament, Nairobi. July 21, 2026. [Elvis Ogina, Standard]

East African central bank governors have vowed to accelerate plans for a single regional currency by 2031 while pursuing aggressive diversification of foreign reserves through domestic gold purchases, as geopolitical conflicts and soaring energy costs threaten macroeconomic stability across the bloc.