Zim’s operating environment unstable: Nampak

SOUTH African packaging firm Nampak Limited’s chief executive Andre De Ruyter says the operating environment in Zimbabwe has remained unstable ever since the country introduced the RTGS dollar.

Nampak Limited operates in Zimbabwe through its subsidiary, Nampak Zimbabwe Limited, which manufactures and markets packaging products such as paper, plastic and metal packaging.

The company noted that the rand value-cash balances in Zimbabwe more than halved to R466 million compared to R1,2 billion at the end of September 2018, due to the introduction of the RTGS dollar which had an exchange rate of 2,5 to the US dollar, leading to a 60% devaluation in the currency against the US dollar.

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