East African Currency Board
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The East African Currency Board (EACB) was established in 1919 to supply and oversee the currency of British colonies in British East Africa. It was established after Britain took control of mainland Tanzania from Germany at the end of World War I, and originally oversaw the territories of Uganda, Kenya, and Tanzania (excluding Zanzibar). Zanzibar joined the currency area in 1936. In 1941, parts of what are now Somalia, Ethiopia, and Eritrea started using the East African shilling while under British wartime control. From 1951 to 1965, it was used in the colony and protectorate of Aden.
The board operated out of premises at 4 Millbank, London SW1, one time the offices of the Crown Agents.
For most of its existence, the EACB's main function was to issue and maintain the local East African shilling at par with the British shilling. This was done by ensuring that the local currency was adequately backed by sterling securities.
Following independence of the three countries, the East African Currency Board eventually gave way to the Bank of Tanzania in 1965, then to the Central Bank of Kenya and Bank of Uganda in 1966-1967.[1]: 204
See also
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References
[edit]- Arnaldo Mauri, The Currency Board and the rise of banking in East Africa, Dept. of Economics, University of Milano, WP n. 10/2007, in SSRN.
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- ^ Eric Helleiner (2003). The Making of National Money: Territorial Currencies in Historical Perspective. Ithaca and London: Cornell University Press.