A private school in Harare, Westminster International School, has allegedly pegged the rate of one US dollar at ZiG23, way above the official US$1: ZiG 13.44 as of Monday, 29 April.
According to H-Metro, the private college was exchanging one US dollar at ZiG23 last week and made it clear it could change. Last week the official rate was US$1: 13.56 ZiG.
Parents, who are paying their fees for the second term, have been asked to pay the fees either in US dollars or the local currency.
However, the local currency fees, when converted, show that the school is using a rate which is not the official one.
Those who are paying in USD will have to fork out US$1 818, and those who choose to pay in ZiG will have to fork out ZiG 41 814. This should have been 24 652 ZiG if the school was using the official rate.
One parent who spoke to H-Metro appealed to the Government to intervene and ensure that the school uses the official rate. Said the parent:
We are being robbed. The school is not being considerate, their charges are already high and they are now adding salt to the wound by using black market rates.
We are appealing to relevant authorities for protection for us not to be fleeced.
When H-Metro reporters visited the school, security guards reportedly denied the newspaper entry into the premises, but some parents, who were making payments, were allowed to enter.
Reserve Bank of Zimbabwe Governor John Mushayavanhu launched ZiG on 05 April 2024, but the new structured currency has faced resistance from some quarters who fear it is the bond note by another name.
The Consumer Council of Zimbabwe (CCZ) recently said the government should take the lead in accepting payment in ZiG. It stated that government departments, including passport offices, fuel stations, and tax authorities, should demand payment in ZiGs.
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