The National University of Science and Technology (NUST) in Bulawayo has ordered its international students to pay tuition fees in foreign currency.
According to statement released by the state-owned institution, the new payment system is with immediate effect.
NUST enrolls international students from countries such as South Sudan.
The institution’s Public Relations and Communications officer, Mrs Lindiwe Nyoni said the move was meant to build the institution`s foreign currency reserves.
“Following the introduction of FCA Nostro Accounts, the NUST Finance Committee recommended that international students pay fees into the Nostro Account, as a way of creating foreign currency reserves for the institution,” she highlighted.
Nyoni insisted that the decision was above board and was in line with the government’s financial and economic policy.
“This in line with the Government encouraging both organisations and individuals to open such accounts where they anticipate income in foreign currency, a measure taken to strengthen the multi-currency system for financial and price stability and to increase inflows of foreign currency while buttressing Government’s economic reforms,” said Nyoni.
Nyoni said the local students will not be affected by this initiative and if ever there will be changes in tuition fees, local students will be notified.
While government has insisted that the rate of the United States Dollar and the Bond notes is at par, most service providers have started charging in US dollars as the rate on the parallel market continues to soar.