East African Community (EAC), with a population of about 150 million and a combined GDP of about $74 billion, is inching towards monetary union.

According to a report published by Daily News Tanzania, EAC is expected to enter into a monetary union before the end of the year. “This will pave way for attaining the bloc’s single currency.” The report said.

Countries that make up the EAC are Kenya, Uganda, the United Republic of Tanzania, Republic of Rwanda and Republic of Burundi.

The monetary union will be executed in phases. Click here to read the full report.