Forex Fees : ZACC, RBZ Descend On Schools

Government has launched a multi-agency operation to account for schools demanding tuition fees exclusively in foreign currency while refusing to accept Zimbabwe Gold (ZiG), in contravention of exchange control regulations.

Officers from the Zimbabwe Anti-Corruption Commission (ZACC), the Reserve Bank of Zimbabwe (RBZ)’s Financial Intelligence Unit (FIU) and police will be deployed to pursue school authorities that are breaking the law.

Preliminary investigations by the FIU have since established that some schools are demanding up to 80 percent of tuition fees in United States dollars and the rest in local currency.

Other school authorities are reportedly claiming their accounting systems are yet to be configured to process ZiG payments, and yet others are demanding fees at black market exchange rates.