PHOTO: SHF.5 is the lowest denomination and SHF.200 is the highest denomination of the East Africa Sheafra KossyDerrickBlog KossyDerrickEnt


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Sunday, March 3, 2024

PHOTO: SHF.5 is the lowest denomination and SHF.200 is the highest denomination of the East Africa Sheafra

Information reaching Kossyderrickent has it that SHF.5 is the lowest denomination and SHF.200 is the highest denomination of the East Africa Sheafra.

The planned common currency will be relevant for the East African Community (EAC) member states: Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo, and South Sudan. The launch ceremony has revealed plans for six denominations of the Sheafra, ranging from SHF 5 to SHF 200. However, it is emphasized that the currency is currently in its specimen stage and not yet available for public use. Tokyo Marathon champion Benson Kipruto will be the first recipient of the Sheafra, though distribution will wait for the official rollout. The exact structure of the financial system is still under negotiation with the EAC deliberating on establishing a central financial institution to oversee local central banks.

Over time, the members of the East African Community (EAC) have faced significant challenges in trading as a bloc due to the diversity of currencies among member states. Currently, each country within the EAC utilizes its own currency.

For instance, Kenya uses the Kenyan Shilling (KES), Uganda uses the Ugandan Shilling (UGX), Tanzania has the Tanzanian Shilling (TZS), and Rwanda operates with the Rwandan Franc (RWF).

On the other hand, Burundi utilizes the Burundian Franc (BIF), South Sudan uses the South Sudanese Pound (SSP), and the Democratic Republic of Congo uses the Congolese Franc.

Somalia which is in the process of joining the EAC uses the Somali shilling. 

The Sheafra's design elements are touted to offer a glimpse into the future. The notes will feature the inscription "The East African Sheafra" at the bottom, alongside security features like magnetic strips and watermarks incorporating the EAC logo and the currency's initials (SHF). Additionally, the signatures of the bank's governor and secretary will serve as further authentication measures. The unveiling of the Sheafra represents a crucial milestone on the path towards a unified East African economic sphere.

While the journey to full implementation is ongoing, the introduction of this common currency signifies the region's commitment to fostering economic integration and facilitating cross-border trade and investment. The SHF is intended to be the strongest currency amongst the EAC member states. The East Africa government has established an exchange rate of SHF1 to Sh760, signifying its higher value compared to the Kenyan Shilling. However, the new currency's value against other major global currencies like the US Dollar remains distinct.

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