2019 school fees to be paid in foreign currency…Black market rates for Bond Notes, RTGS

Schools in some parts of the country have said next year they will only accept fees payment in US Dollar notes, with those preferring to use bond notes to be charged using black market rates.

A Masvingo school, Riverton Academy P O BOX 1023 47 Hofheymer Street has send a letter announcing the changes.

Headmaster only identified as Mr H Mushandu addressed the changes in a letter below.

“Dear Parent/Guardian School Fees Third term 2018 was a very difficult period due to the economic turbulence that has affected the country.

“Attempts by the school to request for top-up from parents were not successful. The school would like to thank the Responsible Authority for coming to its rescue making it possible to finish the rest of the term.

“The Academy is of the view that 2019 may not be any better. However, it is not the intention of the Academy to lower the standards of its products and services. We have projected plans for 2019 and we realise that the Academy has two categories of costs; local costs and foreign costs.

“We have always procured some of our products and other items outside Zimbabwe such as laboratory chemicals and equipment, textbooks, some spare parts for our generators and vehicles, some groceries and stationery.

“The procurement of school provisions is going to be determined by the availability and predictability in cost of these items and services. Given the above scenario, the school has decided to give parents payment options as follows; LEVEL FOREIGN CURRENCY PAYMENT (US$) and RTGS PAYMENT

“Secondary School Boarders US$2000.00 (bond) $9600.00 (usd)

Primary School Boarders$1500.00 (usd) $7500.00 (bond)

Primary School Day Scholars$500.00 (usd) $2400.00 (bond)

ECD $300.00 (usd)
$1350.00 (bond)

“Parents who make payments in foreign currency from outside the country should use the School Standard Chartered Account Number 874 00 68865 400, Masvingo Branch. Foreign Currency Payments from inside the country should use Account Number 874 04 68865 400 of the same Bank.

“Parents using RTGS should use old School Standard Chartered Account Number 8700268865400.

“The school will only accept original bank stamped deposit slips for students to be admitted on opening day. Receipts will only be issued after confirmation of payments by the School.”