Tanzania, Jan. 18 -- Arusha. The East African Community (EAC) has issued a new date for the setting up of its monetary body that will spearhead the single currency project.

This time around the regional organisation said the East African Monetary Institute (EAMI) is to be established this year.

The institute will be constituted this year as several EAC partner states, including Tanzania, are jostling to host the body.

The other countries which have shown interest to host the institution are Kenya and Uganda which, with Tanzania, are founder EAC members.

EAMI will be tasked to pave the way for the single currency economy in the seven nation economic bloc.

The region now plans to have a single currency regime in four year's time, as re...