Earlier this year journalists from Nation Media Group travelled by road
from Uganda to Tanzania and then to Kenya. At the outset, they had the
Uganda Shilling equivalent of $500, which they never spent but just changed
to the relevant local currency each time they crossed a border. In Kenya
they converted their currency (now Kenya Shillings) back to dollars. The
outcome was that their $500 had reduced to $224 simply as a consequence
of the differential in exchange rates and commissions paid to foreign
exchange bureaus. This experience in relation to foreign currency transactions
is just one practical illustration of the many real impediments to East
Africa operating as one business region.
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