President Emmerson Mnangagwa says his government is working on modalities to introduce a new currency, which will be the sole legal tender for domestic transactions, within the next nine months.

Speaking in an interview with Bloomberg on the sidelines of the 12th US-Africa Business Summit in Maputo, Mozambique, yesterday, the President said “it is necessary that we have our own currency” since it is presently difficult to determine the level of money supply in the economy.

“Then of course there is an issue which is critical also for any economy: this is the question of currency. I am not aware of any country which has no currency of its own, but that is not my field – I am a lawyer – but I am told that except for Zimbabwe I haven’t been told of another country which doesn’t have its own currency.

“Even poor countries have currencies from what I hear, so we intend to introduce our own,” he said

Separately, Finance and Economic Development Minister Professor Mthuli Ncube also indicated that a new currency would likely give tailwinds to the country’s economic growth efforts.

-state media