BCC forex revenue slightly improves

BCC forex revenue slightly improves
Published: 12 February 2019 (104 Views)
THE Bulawayo City Council's foreign currency revenues have slightly improved following its decision to charge international companies in forex for services rendered.

In December, the local authority came up with a number of measures to boost its foreign currency revenues including the requirement that international organisations pay their bills in forex.

Bulawayo Town Clerk, Mr Christopher Dube, yesterday said the policy has started to pay dividends.

"We're unapologetic that international organisations should pay bills and rates in foreign currency. They have started paying their bills in foreign currency which has improved our foreign currency revenues. This is premised on the 1:1 rate in line with Government policy," said Mr Dube.

"Although, the international organisations are paying their bills in forex, we still need more foreign currency to improve our service delivery".

The local authority requires foreign currency to pay some of its suppliers for effective service delivery. Following last month's violent protests, BCC lost property worth $300 000 due to vandalism. Mr Dube said due to foreign currency shortages, it would take time for the municipality to replace the vandalised property.

The Town Clerk said the council is still finalising its initiative to sell residential stands in foreign currency under the scheme "Khumbula Ekhaya Rates" mainly targeting people in the diaspora. Announcing the Khumbula Ekhaya Rate housing scheme in December, Mr Dube said locals with access to foreign currency would also be sold the stands.

"A special area (77 low density residential stands in Selbourne Park) has been identified to pilot a programme where low density residential stands will be pre-sold to beneficiaries in foreign currency in order to cover servicing costs. This scheme is open to both people in the diaspora and locals with access to foreign currency," said Mr Dube.

He said the council was still in consultations with its stakeholders over the implementation of the 50 percent debt cancellation policy which it announced in December.

The 50 percent debt cancellation policy was set to benefit residents who pay their bills in foreign currency. Residents who would have paid the bills in full will also get a 50 percent credit to their accounts.

- chronicle

Tags: BCC, Forex, Revenue,
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