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 soldier here, as everywhere in Canada, appeared to be put forward, and by his best foot. They were in the proportion of the soldiers to the laborers in an African ant-hill.... On every prominent ledge you could see England’s hands holding the Canadas, and I judged from the redness of her knuckles that she would soon have to let go.”
—Henry David Thoreau (1817–1862)
“In our time, the curse is monetary illiteracy, just as inability to read plain print was the curse of earlier centuries.”
—Ezra Pound (1885–1972)
“If the Union is once severed, the line of separation will grow wider and wider, and the controversies which are now debated and settled in the halls of legislation will then be tried in fields of battle and determined by the sword.”
—Andrew Jackson (1767–1845)