The East African Community (EAC) has dismissed reports of launching one currency in the region, the East African Sheafra (SHF).
In a statement seen by The Kenya Times, EAC revealed that the process of creating a new currency is still ongoing.
As such, the community said the trending Sheafra bank notes are fake, further urging member states to ignore them.
“The EAC Secretariat wishes to inform all our stakeholders that the Partner States’ journey to a single currency is still a work in progress,” read the statement.
“Kindly ignore any rumors circulating in social media on the unveiling of new banknotes for the region.” 
Specimen of the EAC Sheafra denominations. PHOTO/Courtesy.
Launch of EAC Sheafra Notes
A section of X users on Sunday, February 3, posted photos of the bank notes claiming that the EAC had launched one currency.
Also, the Government of East Africa in a statement via their official X account announced the release of the common currency starting with the SHF5.
They further noted that the notes will not be an individual currency but a state’s currency, adding that the EAC government will be using one currency with one Central Bank.
It went ahead to give the exchange rates between the United States (US) of America dollar and the EAC currency.
“No, the East African Sheafra is not equivalent to a dollar, it’s rather equivalent to US$0.76-dollar Cents, almost a dollar. On US$0.24-dollar Cents missed to make a dollar,” claimed Government of East Africa.
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It stated that the name was crafted in respect to the EAC member states that don’t use the shilling.
“We need to respect even our Sister Countries that do not use the Shilling, it’s why we got a Unique Currency name “The East African Sheafra (SHF)” that can unite or unify the regional Currency in both name and Economic Rate Value,” stated the user.
The EAC government announced that the SHF 5 will be among the six denominations that will be used by the member states.
“We have 6 denominations, 5,10,20,50,100 and SHF 200 as the biggest East African Sheafra note,” said the Government of East Africa.
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Creation of a Common Currency by 2024
On January 27, 2020, EAC announced that it was in the process of harmonizing critical policies and putting in place the requisite institutions to attain a single currency for the region by 2024.
EAC Secretary General Amb. Liberat Mfumukeko said that the Bill for the establishment of the East African Monetary Institute (EAMI) had already been assented to by the Summit of Heads of State.
He said the EAMI would later be transformed into the East African Central Bank that would issue the single currency.
“The establishment of this institute will help to provide impetus towards the formation of the East African Monetary Union, which is the third pillar of our integration,” said Amb. Mfumukeko.
However, the EAC has now explained that the member countries are yet to launch the financial institution which would be above local central banks.
EAC brings together the Democratic Republic of the Congo, the republic of Burundi, Kenya, Rwanda, South Sudan, Uganda and Tanzania.
