By Fawaz Adebisi
Countries of Eastern African extraction have introduced a new common currency. This would be called East African Sheafra, SHF.
In a historic move aimed at enhancing regional integration and facilitating cross-border trade, the East African Community, EAC, has officially introduced its new common currency, the East African Sheafra, SHF.
As gathered, the currency will be used by member states within the EAC, which includes Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo, and South Sudan.
Key Details About the Sheafra Currency:
1. Denominations: The Sheafra currency will be available in six denominations: 5, 10, 20, 50, 100, and SHF 200 (the largest denomination).
2. Launch Date: The official release of the Sheafra currency took place on Sunday, March 3, 2024.
3. Current Status: Although the currency has been introduced, it is currently at the specimen stage and not yet in full circulation.
4. First Recipient: The honor of being the first person to receive the Sheafra currency goes to Benson Kipruto, the recent winner of the Tokyo Marathon.
5. Issuing Authority: The Sheafra notes will be issued by the Bank of East Africa, which will be regulated by the Federal Republic of East Africa.
The Sheafra currency represents a significant step toward deeper economic cooperation and unity among the EAC member states.
