ECO is the currency of the East African countries starting in 2020

Business-

Economie

12:10 01.07.2019(Updated 12:12 01.07.2019) .

The Heads of State of East Africa have agreed to adopt the single currency "Eco" in commercial transactions as of 2020.

The leaders of the East African Community (EAC) have approved the adoption of the single currency ECO from the beginning of 2020 during their meeting in the Nigerian capital of Abuja, the Le Monde newspaper reported.

The finance ministers of the group and the heads of banks at their meeting in June last year in Abuja reached a preliminary agreement that allows the residents of these countries to use the ECO currency in their day-to-day business transactions, stressing that the beginning will be among the countries whose economies are balanced.

In the future, the Group's countries seek to establish a common market and a customs union that will increase the volume of trade exchange between the countries of the region.

The East African Community comprises 15 countries: Benin, Burkina Faso, Cape Verde, Ivory Coast, Gambia, Ghana, Guinea, Guinea Bissau, Liberia, Mali, Niger, Senegal, Sierra Leone and Togo.