Nampak pins hopes on Zim monetary changes
The packaging and paper company says the changes will improve liquidity
Zimbabwe’s mooted monetary policy changes, which include the introduction of Real-Time Gross Settlement (RTGS) dollars in that country’s multi-currency system, will improve packaging company’s liquidity, the group said on Wednesday. Nampak becomes the latest company to express optimism about the introduction of a formalised floating foreign exchange market in Zimbabwe. Earlier in March listed cement maker PPC said the move would curb the high inflation and excessive premiums created by the parallel exchange rates in Zimbabwe.
“This is expected to unlock liquidity and bring about certainty in the foreign exchange market in future to improve the competitiveness of the Zimbabwean economy. Nampak is evaluating in detail the impact of this recent announcement on its operations but views this as a development that should in the fullness of time lead to improvements in liquidity as experienced in Nigeria and more recently Angola,” Nampak said. It said the availability of foreign curr...