EAC Quarterly Statistics Bulletin: October – December 2023

Abstract

The East African Monetary Union (EAMU) Protocol was signed on 30th November 2013 with its main objective of having a single currency for all the Partner States within the EAC region To have a single currency, Article 5 of the EAMU Protocol requires Partner States to attain the following three (3) indicative macroeconomic convergence criteria namely:A ceiling on core inflation of 5%, A ceiling of fiscal deficit, excluding grants of 6% of GDP, a tax to GDP ratio of 25%. In addition, EAMU requires Partner States to attain and maintain macroeconomic convergence for at least three consecutive years that shall be assessed on the following four (4) performance criteria: