Local units boosted as EAC awaits single currency

As the region waits for the launch of East Africa’s single currency in 2024, there are on-going efforts to increase availability of national currencies to business people going about their trade in member countries.Under the East African Payment System EAPS, central banks of partner states are expected to avail national currencies, including Rwanda Francs, to cross-border businesses to help them avoid losses resulting from conversion from one currency to another.Rwanda central bank Governor, John Rwangombwa, says the initiative will help reduce the cost of doing business across borders as well as financial transaction costs.