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Nust demand fees in forex from foreigners

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NATIONAL University of Science and Technology (Nust) is now demanding fees in foreign currency from foreign students studying at the institution of higher learning.

Nust’s acting communication and marketing director Mrs Lindiwe Nyoni confirmed the latest development.

“Following the introduction of Foreign Currency Accounts 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,” said Mrs Nyoni.

“This is in line with the Government policy of encouraging both organisations and individuals to open such accounts where they anticipate income in foreign currency. This is a measure taken to strengthen the multi-currency system for financial and price stability and to increase inflows of foreign currency.”

She said local students will not be affected.

Mrs Nyoni said Nust like any other organisation is also affected by the prevailing economic environment characterised by price instability. She said foreign students have the capacity to pay their fees in foreign currency hence its decision to demand forex from them.

“Nust has 66 foreign students, which include the South Sudanese students who are with Nust under the Government Scholarship,” said Mrs Nyoni.

She said the price hikes were affecting the teaching of practical courses which require materials such as chemicals which are imported.

Recently, the Bulawayo City Council in a bid raise foreign currency, proposed a 50 percent discount on debts for those settling their bills in foreign currency.

The local authority said it was targeting diasporans with properties in the city so that they can directly pay their bills to the municipality.