Multicurrency system affecting Zimglass performance

ZIMBABWE Glass Company, the country's sole flint glass producer, says it is facing severe competition from foreign-based companies that take advantage of purchasing power parity in their countries.  "Competitors elsewhere pay running expenses in their local currencies and export in hard currencies which is an advantage to them as they can access the local currency easily.

While on the other hand for Zimbabwe, we use the US dollar throughout and this makes it difficult to compete" said Zimglass acting chief executive officer, Gilbert Tapfuma.

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600450 Multicurrency system affecting Zimglass performance
Date: 11 December 2013

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