What is East African shilling?

The East African shilling was the sterling unit of account in British -controlled areas of East Africa from 1921 until 1969. [ 2 ] It was issued by the East African Currency Board. It is also the proposed name for a common currency that the East African Community plans to introduce.

When did East African shilling become a currency?

Following the demonetization process, the shilling equivalent to the Rupee was introduced in all the three East African countries between January 1, 1922, and by June 1923. This firmly established the East African shilling as the official currency in Kenya, Uganda, and Tanganyika.

Is the Kenyan shilling a hard currency?

To date, the Kenyan shilling has been a hard currency, meaning it can be re-converted in most East African countries. Following the demonetization process, the shilling equivalent to the Rupee was introduced in all the three East African countries between January 1, 1922, and by June 1923.