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Business Leaders Excited About EAC Single Currency 32 NEW VISION, Wednesday December 4, 2013 BUSINESS CURRENCY BUY SELL US Dollar 2525 2545 Business leaders excited Pound Sterling 4137 4158 Euro 3422 3440 Kenya 28.6 29.4 Tz Sh 1.45 1.55 about EAC single currency Japanese Yen 24.5 24.8 Sudanese Pound 550 560 Rwandese Franc 3.5 3.7 By John Odyek Indian Rupee 30 42 Dhiram 680 692 Uganda’s business community has expressed excitement about RateS ARE SUBJECT TO CHANGE the mooted second East African shilling. The shilling brings happy memories to those who saw the first East African shilling that was MARKET BRIEFING used between 1921 and 1969 in British controlled areas in East BOU UNEXPECTEDLY Africa. CUTS RATES BY 50 BPS The first East African Shilling was produced by the East African Bank of Uganda (BOU) unexpectedly Currency Board. The currency trimmed its benchmark lending rate by was also used in parts of what is 50 basis points to 11.5% on Tuesday, WS now Somalia, Ethiopia and Erit- saying economic growth remained rea when they were under British below potential. Uganda has endured ne control in the 1940s. a period of sluggish growth since 2011, The first Ugandan shilling when inflation soared. A period of (UGS) replaced the East African high inflation and high interest rates SS shilling in 1966. Following high was then followed by cuts in budget E inflation, a new Uganda shilling Florence Kata Barbara Buyondo aid from key donors due to a row was introduced in 1987 worth 100 over claims of corruption in the prime old shillings. minister’s office. Deputy BOU governor Commenting on the proposed Louis Kasekende said there were signs second East African shilling, of recovery, helped by the Central BUSIN which is the proposed name for Bank’s monetary stance and public a common currency that the East spending on infrastructure projects. African Community plans to in- Related story on Page 34 troduce, regional business lead- FTSE ers said the headache of calcu- CARGO TRAFFIC AT Down at lating and exchanging different currencies and time lost in the MombASA PORT UP 6538.22 process is expected to stop. The Uganda shilling is the Goods traffic weakest in the region. through Kenya’s CAC The Monetary Union Proto- main port Down at col that the five EAC presidents increased by signed on Saturday will lead to 2.9% in the 4213.89 the formation of the second East 10 months African shilling. to October from a year DAX Business leaders react ago, helped Down at Oliver Lalani, the managing di- by an expan- rector of Roofings Group, said sion programme, the 9301.98 because of lack of a single cur- Everest Kayondo Sebaggala Kigozi port’s management rency in the region one needs said on Tuesday. Kenya dollars as an alternative currency, mained stronger than the Euro,” is building a $300m DOW yet the dollars are in short sup- he noted. second container termi- BETWEEN THE LINES: The sticking points ply. Byaruhanga also expressed nal at the Mombasa port, the biggest JONES “It will be easy to trade in the n The signing of the monetary union protocol on concern about the low level of in East Africa, to handle increased Down at same currency,” Lalani said. Saturday will pave way for a single currency. skills in Uganda; saying could trade in the region, driven by a sharp He, however, cautioned that n Business leaders have said having a single currency lead to Kenyans taking over growth in construction, infrastructure 16008.77 like the Euro, a single currency in the EAC will ease doing business in the region. Ugandan jobs. Ugandans might development projects and demand can have problems because the n But some have cautioned the regional leaders to study be disappointed if they go to for consumer goods from an emerg- exchange rate against other cur- the challenges of having a single currency and not Kenya and fail to compete with ing middle-class. The port also serves rencies can be hard to control. rush into implementing the monetary union protocol the expertise and experience. neighbouring landlocked nations in- Jjemba Mulondo, the director without addressing them. Everest Kayondo, the chairman cluding Uganda, Rwanda, Burundi and of Zenji Empire, a regional trans- of the Uganda Importers and South Sudan, which rely on it for vital port firm, said there are differenc- said a single currency will make across the region it will be good.” Exporters Traders Association, shipments such as fuel imports. es in cultures, national pride and it easy for students from the re- Sebaggala Kigozi, executive said the region had a single cur- sovereignty, which can dampen gion to study in Uganda. director Uganda Manufacturers rency before and it can be re- KENYA SHILLING FIRM the effectiveness of a single cur- “Currently those who come Association, said the single cur- vived. rency. here create dollar accounts. Then rency will remove the issue of “We incur exchange losses be- The Kenyan shilling firmed slightly yes- “It might be difficult for the they have to change the dollars dominance of some currencies in cause of multiple currencies. The terday, and traders said they expected community to swallow the other into shillings to pay fees or buy East Africa and create a leveled power to print money will be tak- it to strengthen further, helped by states. Tanzania is not on the scholastic materials,” she noted. ground for doing business. en away from politicians and will dollar sales from the agriculture sector same footing with other states Florence Kata, the Uganda He also proposed that there be put in the East African central and commercial banks offloading ex- on integration, they are moving Export Promotion Board execu- should be a harmonised value bank. This can control inflation cess dollars. Commercial banks quoted slowly, they have been peaceful tive director, said exporters lose added tax (VAT) in the region. and stability of the regional econ- the shilling at 86.65/85 to the dollar, for long and are a united nation. money exchanging currencies. Uganda’s VAT is 18%, Kenya 16% omies. So there will be economic compared with Monday’s close of Uganda has been at war and “Presenting East Africa with a and Tanzania 20%, making it sanity because technical people 86.75/85. “It has strengthened a bit, Kenya has been developing for a single currency and as a single hard for business people to trade. will be in control,” he noted. on the back of ... guys squaring off long long time,” he pointed out. destination can attract more in- Nelson Tugume, the chair- (dollar) positions that were built up Mulondo also cautioned that vestors and enhances our cred- Tread carefully man of Uganda Motor Vehicles yesterday,” said Sheikh Mehran, senior other nations don’t respect Ugan- ibility as a bloc,” Kata said. But Byaruhanga cautioned the Importers Association, said the trader at Kenya Commercial Bank. “It’s da’s currency. Herbert Byaruhanga, the chair- regional leaders to study the common currency is good, but just profit-taking and a lack of corpo- “To find someone who respects man of the Uganda Safari Guides challenges of having a single the issue might be on how to sta- rate demand at the moment. We have the Uganda currency in the re- Association, said a single curren- currency and not rush into im- bilise the Uganda economy. seen some inflows from the agricultur- gion is like finding water in the cy can enable tourist move across plementing the protocol without “The Kenya shilling is stronger al sector. We are going to see further desert,” he said. the region without much dif- addressing them. than that of Uganda. If it can be inflows from the tea sector.” Barbara Buyondo, the director ficulty. “If one can get the same “Britain refused to discard the harmonised with that of Uganda, of Victorious Education Services, value for money for services pound sterling, but is has still re- it is good,” he said..
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