Central Banks in the East African Community (EAC) region have been urged to prioritize the use of their own resources for development and reduce reliance on external support.
This call was made by the Governor of the Bank of Tanzania, Mr. Emmanuel Tutuba, during the 28th Meeting of the Monetary Affairs Committee (MAC) of the East African Community held in Mombasa, Kenya.
He stated that member countries of the community are blessed with abundant resources that should be harnessed for the development of the region. He explained that despite the progress achieved over the past year, the East African region continues to face numerous economic challenges.
“There has been an increase in trade tariffs, international conflicts, and climate-related impacts that threaten economic stability and integration efforts,” said Governor Tutuba.
He also mentioned the growth of innovative financial services (fintechs) and digital currencies (cryptocurrencies) as areas that, while they can enhance financial inclusion and efficiency, pose regulatory and cybersecurity challenges.
“Therefore, joint collaboration to ensure financial stability and support sustainable economic growth is essential. We must share best practices, data, and experiences as we work together to build better environments that contribute to economic growth, innovation, and regional resilience,” he said.
Speaking at different times during the meeting, governors and representatives from Burundi, Rwanda, Somalia, Kenya, South Sudan, Tanzania, and Uganda highlighted their countries’ economic progress and reaffirmed their commitment to achieving financial integration in the region.
The meeting commenced on May 7, 2025, with a session of the Technical Committee and officially concluded on May 9, 2025, with the Governors’ session, chaired by the Governor of the Central Bank of Kenya, Dr. Kamau Thugge. At the conclusion, central bank leaders from the member states signed a joint communiqué outlining the key issues discussed and the agreements reached during the meeting.