NAMPAK Zimbabwe (Nampak) says the central bank missed some legacy debt payments to the packaging manufacturer’s foreign creditors last year.

A number of companies and individuals could not repatriate funds from Zimbabwe between 2015 and 2019 due to foreign currency shortages in the country and the packaging materials manufacturer was not spared.

“Hedging of foreign creditors was put in place the previous year following an arrangement with the Reserve Bank of Zimbabwe whereby amounts due to the major shareholder’s procurement company have been placed with the Reserve Bank for future payment in tranches, which were due to commence from 31 March 2021. Unfortunately, the actual target was missed,” Nampak said.