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Westminster International School Sparks Controversy With ZiG23 Exchange Rate

Westminster International School, a private institution in Harare, has reportedly set its exchange rate for the US dollar at ZiG23, significantly higher than the official rate of US$1: ZiG 13.44 as of April 29th.

H-Metro reports that last week, the school was trading one US dollar for ZiG23, while there were hints that this rate would change. The official rate was US$1: 13.56 ZiG last week.

Parents now have the option of paying in local currency or US dollars while they are paying for the second term’s fees. Nevertheless, there is an unofficial conversion rate that applies to anybody who choose to pay using local money.

For example, if USD payments total US$1,818; however, if ZiG payments are chosen, the corresponding amount would be a startling ZiG41,814—much more than the equivalent at the official exchange rate, which would be ZiG24,652.

One parent expressed worry and called for government assistance to make sure the institution follows established rates.

“Someone is robbing us. The school is acting insensitively; on top of their already exorbitant fees, they are now exacerbating the situation by charging black market rates. We are pleading with the appropriate authorities to shield us from exploitation.”

While some parents were permitted admission after making payments, H-Metro reporters were reportedly turned away from the school by security personnel.

Some groups have opposed the launch of ZiG by Reserve Bank of Zimbabwe Governor John Mushayavanhu on April 5, 2024, believing it to be a resemblance of the bond note.

The government should set an example by accepting ZiG payments, according to a recent request by the Consumer Council of Zimbabwe (CCZ). It promoted the requirement of ZiG payments by government agencies like as tax authorities, petrol stations and passport offices.

Source | ZiMetro

https://zimetro.co.zw/westminster-international-school-sparks-controversy-with-zig23-exchange-rate

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