By Frank Kamuntu
On Sunday, February 3rd, the East African Government introduced the much-speculated shared currency between the 7 nations; Kenya, DRC, Burundi, Rwanda, Tanzania, Uganda and South Sudan.
These countries are expected to begin using the currency, which will be referred to as SHF. During the currency’s launch, the EAC stated that it would be available in six denominations for the community.
“The East African Sheafra of SHF. 5 Currency Note of fuv5 has finally landed,” the East African Government said.
“We have 6 denominations, 5,10,20,50,100 and SHF.200 as the biggest East African Sheafra Note.”
The EAC government revealed that the currency’s use will be delayed till further notice, as it was still in the specimen stage.
The new SHEAFRA currency will be managed by the Bank of East Africa under the oversight of the Federal Republic of East Africa. However, EAC member countries have yet to choose financial institutions to supervise their local central banks.
At the bottom of the note, the currency will feature the inscription ‘The East African Sheafra’ in uppercase. The note will have a magnetic strip and 2 watermarks displaying the East African Logo and the currency initials SHF.
Furthermore, the currency will bear the signature of the bank’s governor and secretary as proof of authenticity.
Key Features Of The Currency
The note will be issued by the Bank of East Africa which will be regulated by the Federal Republic of East Africa.
Member countries of EAC are yet to officially set the financial institution which would be superior to local central banks.
On the bottom, the currency will have the insignia ‘The East African Sheafra’ written in capital letters.
The note will further have a magnetic strip and two watermarks bearing the East African Logo as well as the currency initials – SHF.
The currency will have the signature of the bank’s governor and secretary as proof of authenticity.
