The African Monetary Union is the proposed creation of an economic and monetary union for the countries of the African Union, administered by the African Central Bank. Such a union would call for the creation of a new unified currency, similar to the euro; the hypothetical currency is sometimes referred to as the afro.
The Abuja Treaty, an international agreement signed on June 3, 1991 in Abuja, Nigeria, created the African Economic Community, and called for an African Central Bank to follow by 2028. The current plan is to establish an African Economic Community with a single currency by 2023.
Read more about African Monetary Union: Regional Currency Unions, AFRO Prototype Art Project, Membership, African Central Bank, Signatories
Famous quotes containing the words african, monetary and/or union:
“The African race evidently are made to excel in that department which lies between the sensuousness and the intellectual—what we call the elegant arts. These require rich and abundant animal nature, such as they possess; and if ever they become highly civilised, they will excel in music, dancing and elocution.”
—Harriet Beecher Stowe (1811–1896)
“There is no legislation—I care not what it is—tariff, railroads, corporations, or of a general political character, that all equals in importance the putting of our banking and currency system on the sound basis proposed in the National Monetary Commission plan.”
—William Howard Taft (1857–1930)
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—Bernard Devoto (1897–1955)