East African countries officially launch shared Sheafra currency

Summary:

• The East African Government announced the introduction of the shared currency SHF among seven nations, with six denominations. Management falls under the Bank of East Africa, pending further decisions by member countries.

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On Sunday, February 3rd, the East African Government unveiled the long-anticipated shared currency among seven nations: Kenya, DRC, Burundi, Rwanda, Tanzania, Uganda, and South Sudan. This currency, known as SHF, will come in six denominations. Although announced during the launch, the EAC clarified that the currency’s actual circulation would be delayed as it remained in the specimen phase.

The management of the new SHEAFRA currency falls under the jurisdiction of the Bank of East Africa, supervised by the Federal Republic of East Africa. However, member countries of the EAC are yet to designate financial institutions to oversee their respective central banks.

The currency notes will bear the inscription ‘The East African Sheafra’ in uppercase, with additional security features including a magnetic strip and two watermarks displaying the East African Logo and SHF initials. Each note will also carry the signatures of the bank’s governor and secretary to ensure authenticity.

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