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EAC Officially Launches Sheafra (SHF 5) Currency
On Sunday, February 3, the East African Government formally introduced a unified currency for the countries within the East African Community (EAC).
The East African Community (EAC), consisting of Kenya, Uganda, Tanzania, Rwanda, Burundi, the Democratic Republic of Congo, and South Sudan, is anticipated to adopt a new currency named the East African Sheafra (SHF).
At the launch event, EAC revealed that the SHF 5 is included in a series of six denominations set to be issued by the Community.
“The East African Sheafra of SHF.5 Currency Note of fuv5 has finally landed,” the East African Government stated.
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“We have 6 Denominations, 5, 10, 20, 50, 100, and SHF.200 as the biggest East African Sheafra Note.”
It was disclosed that the currency had not been implemented yet and was still in the specimen stage.
Benson Kipruto, the champion of the Tokyo Marathon, was slated to become the inaugural recipient of the currency.
The announcement came following President William Ruto’s posting of a congratulatory message for the athlete.
“We would award them with East African Sheafra Money but they are still in specimens,” President Ruto was told.
Key Features of the Currency
The Bank of East Africa will issue the note under the regulation of the Federal Republic of East Africa.
The EAC member nations have not yet formally established the financial institution that would have authority over local central banks.
At the base, the currency will display the emblem ‘The East African Sheafra’ in uppercase lettering.
The bill will also include a magnetic strip and two watermarks displaying the East African Logo and the currency abbreviation – SHF.
The authenticity of the currency will be confirmed by the signatures of the bank’s governor and secretary.
EAC Officially Launches Sheafra (SHF 5) Currency