By Alois Vinga
THE National Tyre Services (NTS) has given credit to the improved foreign currency availability in the country to the Reserve Bank of Zimbabwe’s (RBZ) auction system, which has seen a boost in the company’s sales volumes by 17%.
Presenting the entity’s financial performance last week, the NTS chairperson Rutenhero Moyo, said despite the challenges faced, some key changes in economic fundamentals have improved the company’s fortunes.
“In particular, we had increased cost-effective production uptime due to more frequent availability of electricity and fuel over the first half of the financial year,” he said.
“The company’s access to foreign currency through the Reserve Bank of Zimbabwe auction system which was introduced in June 2020 also improved and resulted in stable prices.”