{"id":78990,"date":"2023-06-14T10:40:07","date_gmt":"2023-06-14T08:40:07","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds"},"modified":"2023-06-14T14:24:19","modified_gmt":"2023-06-14T12:24:19","slug":"zimplow-hails-revised-us-retention-thresholds","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds","title":{"rendered":"Zimplow hails revised US$ retention thresholds"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>By Alois Vinga<\/b><\/p>\n

LISTED agricultural equipment manufacturer, Zimplow Holdings Limited has commended monetary authorities\u2019 recent policy directive allowing miners to retain more foreign currency as a positive productivity spurring step.<\/p>\n

In a Monetary Policy Statement (MPS) presented by the Reserve Bank of Zimbabwe (RBZ) early this year, the mining sector was allowed to retain 75% of their foreign currency with the remainder 25% being paid in local currency at the prevailing official exchange rate.<\/p>\n

Prior to this, miners were only allowed to retain 60% foreign currency and 40% local currency, a situation which left the sector crying foul.<\/p>\n

Presenting a trading update for the year\u2019s first quarter, Zimplow\u2019s group company secretary, Sharon Manangadzira said the policy measure has positively impacted the sector as a whole.<\/p>\n

\u201cThe continued firm mineral pricing and measures by the government to encourage retention of foreign currency by the mining sector was a boost to increased economic activity driven by this sector.<\/p>\n

\u201cIn addition, the pace of infrastructure development projects has provided the Group an incentive to adequately position itself with major earth moving fleet owners through Tractive Power Solutions,\u201d she said.<\/p>\n

During the period ,the group recorded growth across the units with Mealie Brand sales volumes of local implements recording improved volumes by 72% in comparison to the prior year same period.<\/p>\n

At Farmec, the efforts to create resilience in the business model are yielding positive results with after sales service hours increasing by 16% when compared to the same period in the year 2022 on the back of implemented sales growth by 20%.<\/p>\n

The new business unit, Valmec is starting to receive new stock and establishing its own identity in the market amid plans by management expects better resource allocation and e\u00adfficiency in market penetration as the year progresses.<\/p>\n

\u201cThe group expects the trading environment to continue to be challenging given the constraints on liquidity. Consequently, the group will follow through on its strategy and operational tactics to achieve business stability and value preservation as we navigate the rest of the year,\u201d added Manangadzire.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. By Alois Vinga LISTED agricultural equipment manufacturer, Zimplow Holdings Limited has commended monetary authorities\u2019 recent policy directive allowing miners to retain more foreign currency as a positive productivity spurring step. In a Monetary Policy Statement (MPS) presented by the Reserve Bank of Zimbabwe (RBZ) early this year, the mining sector was allowed […]<\/p>\n","protected":false},"author":84,"featured_media":78989,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,19],"class_list":["post-78990","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nZimplow hails revised US$ retention thresholds - zimbabwe<\/title>\n<meta name=\"description\" content=\"By Alois Vinga LISTED agricultural equipment manufacturer, Zimplow Holdings Limited has commended monetary autho ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimplow hails revised US$ retention thresholds\" \/>\n<meta property=\"og:description\" content=\"By Alois Vinga LISTED agricultural equipment manufacturer, Zimplow Holdings Limited has commended monetary autho ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-14T08:40:07+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-14T12:24:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1686729149.68194.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"535\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zimplow hails revised US$ retention thresholds\",\"datePublished\":\"2023-06-14T08:40:07+00:00\",\"dateModified\":\"2023-06-14T12:24:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds\"},\"wordCount\":353,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/06\/sm_1686729149.68194.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimplow-hails-revised-us-retention-thresholds\",\"name\":\"Zimplow hails revised US$ retention thresholds - 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