East Africa's biggest economies have launched an integrated real-time
cross-border payments system designed to remove bottlenecks to business
and bolster intra-regional trade, Kenya's central bank said yesterday.
The East African Payments System (EAPS) is an early step towards the creation of a monetary union within the five nation East African Community (EAC) trade bloc, which member states hope to establish within 10 years.
"EAPS will facilitate trade within the region and is a quick win for the EAC," the Central Bank of Kenya said in a statement.
A common currency remains a long way off, analysts say. Member states first need to implement the free movement of labour, goods and services. Tanzania, Africa's fourth-largest coffee producer after Ethiopia, Uganda and Ivory Coast, produces mainly arabica and some robusta coffee. Prices of its arabica normally track the New York market while those of robusta take their cue from London.
The TCB said New York markets fell by $0.39 per 50 kg, while London markets were up by $3.30 per 50 kg.
East African coffee is normally packed in 60-kg bags, but the prices are quoted for quantities of 50 kg.
The TCB says it expects the 2013/14 crop to fall to 45,000 tonnes from around 71,600 tonnes in the previous season, the highest output in 20 years.
The next auction will be held on Thursday.
The East African Payments System (EAPS) is an early step towards the creation of a monetary union within the five nation East African Community (EAC) trade bloc, which member states hope to establish within 10 years.
"EAPS will facilitate trade within the region and is a quick win for the EAC," the Central Bank of Kenya said in a statement.
Each member state currently has its own banking payment systems, meaning
cross-border transfers take from one to two days, bankers say.
East African Community (EAC)
EAPS will enable people in Kenya, Uganda and Tanzania to make and
receive payments in real time, speeding up the process of commercial
transactions. Rwanda and Burundi, whose banking structures are less
advanced, will join later.
A common currency remains a long way off, analysts say. Member states first need to implement the free movement of labour, goods and services. Tanzania, Africa's fourth-largest coffee producer after Ethiopia, Uganda and Ivory Coast, produces mainly arabica and some robusta coffee. Prices of its arabica normally track the New York market while those of robusta take their cue from London.
The TCB said New York markets fell by $0.39 per 50 kg, while London markets were up by $3.30 per 50 kg.
East African coffee is normally packed in 60-kg bags, but the prices are quoted for quantities of 50 kg.
The TCB says it expects the 2013/14 crop to fall to 45,000 tonnes from around 71,600 tonnes in the previous season, the highest output in 20 years.
The next auction will be held on Thursday.
SOURCE:
THE GUARDIAN
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