East African Currency Board
The East African Currency Board (EACB) supplied and oversaw the currency of British colonies in British 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). Zanzibar joined the currency area in 1936. For most of its existence, the EACB's 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, one time the offices of The Crown Agents. The Board was replaced by the independent central banks of Uganda, Kenya and Tanzania in 1966.
References
- History of the Bank of Tanzania
- 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.