By Mutuunzi Saul
24 July 2026
Central bank governors from East African Community (EAC) member states have convened in Uganda for the 29th Ordinary Meeting of the Monetary Affairs Committee, with discussions focusing on regional monetary cooperation, macroeconomic stability and the progress of the EAC single currency agenda.
The meeting was held on Friday at Serena Hotel Kigo in Wakiso District, bringing together governors and senior technical officials from central banks across the East African region.
The high-level meeting provided an opportunity for the governors to assess the economic challenges affecting the region, review progress towards monetary integration and explore strategies for strengthening financial stability amid an increasingly unpredictable global economic environment.
Dr. Michael Atingi-Ego, the Governor of the Bank of Uganda and Chairperson of the meeting, welcomed his counterparts and other participants, emphasizing the importance of continued cooperation among the region’s central banks.
“I want to welcome you all to this 29th Ordinary Meeting of the Monetary Affairs Committee,” Dr. Atingi-Ego said.
He noted that exchange rates across East African countries have remained relatively stable despite the economic challenges facing the region, while emphasizing the growing importance of technology in monitoring and managing financial performance.
Dr. Atingi-Ego further highlighted the increasing role of artificial intelligence (AI), big data and digital innovation in shaping the financial sector and the wider economy.
“As we advance the EAC monetary integration agenda, we must reckon with the growing role of artificial intelligence, big data and digital innovation in finance and the wider economy,” he said.
The governors and central bank officials reviewed regional macroeconomic convergence and discussed measures aimed at advancing the long-term goal of establishing a single currency within the East African Community.
The meeting also reaffirmed the commitment of EAC central banks to continue working together to achieve shared regional economic objectives, particularly in the fight against inflation and the promotion of financial stability.
Participants also expressed concern over the impact of geopolitical tensions, including the ongoing conflict in the Middle East, on economic growth, trade, inflation and the broader economic outlook of East African countries.
The discussions come at a time when central banks across the region continue to navigate global economic uncertainties, including external shocks, changing financial conditions and emerging technological developments that are reshaping the financial sector.
Dr. Atingi-Ego commended the EAC Secretariat, technical working groups and staff of the region’s central banks for their continued dedication to advancing the monetary integration agenda.
“I am confident our deliberations will yield steps to strengthen monetary cooperation, promote financial stability, deepen our financial markets and share innovative approaches to reinforcing our policy frameworks and buffers amidst an unpredictable global environment,” he said.
He added that the region’s monetary cooperation efforts must remain focused on the broader objective of improving the social and economic wellbeing of East African citizens.
“Above all, let our work remain anchored in the greater goal we serve: the social and economic transformation of our region,” Dr. Atingi-Ego said.
The 29th Ordinary Meeting of the Monetary Affairs Committee is expected to further strengthen collaboration among EAC central banks as the region continues to pursue deeper monetary integration and the eventual establishment of a single currency.
