East African Currency Board
Encyclopedia
The East African Currency Board (EACB) supplied and oversaw the currency of British colonies in East Africa
from 1919 to 1966. 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
). Zanibar joined the currency area in 1936. For most of its existence, its main function was to maintain the local shilling at par with the shilling in the United Kingdom
. This was done by ensuring that the local currency was adequately backed by sterling
securities. It operated out of premises at 4 Millbank, London SW1. The Board was replaced by the independent central banks of Uganda, Kenya and Tanzania in 1966.
East Africa
East Africa or Eastern Africa is the easterly region of the African continent, variably defined by geography or geopolitics. In the UN scheme of geographic regions, 19 territories constitute Eastern Africa:...
from 1919 to 1966. It was established after Britain took control of mainland Tanzania
Tanzania
The United Republic of Tanzania is a country in East Africa bordered by Kenya and Uganda to the north, Rwanda, Burundi, and the Democratic Republic of the Congo to the west, and Zambia, Malawi, and Mozambique to the south. The country's eastern borders lie on the Indian Ocean.Tanzania is a state...
from Germany at the end of World War I, and originally oversaw the territories of Uganda
Uganda
Uganda , officially the Republic of Uganda, is a landlocked country in East Africa. Uganda is also known as the "Pearl of Africa". It is bordered on the east by Kenya, on the north by South Sudan, on the west by the Democratic Republic of the Congo, on the southwest by Rwanda, and on the south by...
, Kenya
Kenya
Kenya , officially known as the Republic of Kenya, is a country in East Africa that lies on the equator, with the Indian Ocean to its south-east...
, and Tanzania (excluding Zanzibar
Zanzibar
Zanzibar ,Persian: زنگبار, from suffix bār: "coast" and Zangi: "bruin" ; is a semi-autonomous part of Tanzania, in East Africa. It comprises the Zanzibar Archipelago in the Indian Ocean, off the coast of the mainland, and consists of numerous small islands and two large ones: Unguja , and Pemba...
). Zanibar joined the currency area in 1936. For most of its existence, its main function was to maintain the local shilling at par with the shilling in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
. This was done by ensuring that the local currency was adequately backed by sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
securities. It operated out of premises at 4 Millbank, London SW1. The Board was replaced by the independent central banks of Uganda, Kenya and Tanzania in 1966.