Mutare Land Developers Demand Outstanding Payments In US Dollars

Members of housing cooperatives in Mutare are now crying foul over how they are being ‘duped’ by land developers.

A Herald report says that land developers in Mutare are now demanding outstanding payments in US dollars or RTGS at prevailing parallel market rates.

Housing cooperatives such as Hillview near Dangamvura, which has about 700 high-density residential stands and is among those that have been affected. A beneficiary who spoke to The Herald on condition of anonymity said:

I think this is unfair. I have been paying my contributions in recent years in RTGS or bond notes and the remaining $1 000 is now being converted into US dollars.

What that means is that I am being asked to pay US$1 000 and in essence I am now starting all over again. I think we desperately need the intervention of authorities in this predicament.

They cannot suddenly ask us to pay in US dollars while we were paying in local currency all along.

Zimbabwe Housing Company’s co-director, Charles Dengura said the company had no choice but to repackage the outstanding amounts in US dollars. He said that move has been necessitated by the prevailing economic situation.

Zimbabwe Housing Company land developers responsible for rolling out the Hillview Housing Co-operative.

More: The Herald


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Bond NotesMutareRTGS

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes

Mutare is the name of Zimbabwe's third largest city after Harare and Bulawayo. Popularliry referred to in Zimbabwe as Kumakomoyo, this word depicts the city’s mountainous terrain giving it a unique distinction which makes it different from the rest of other cities in the country.... Read More About Mutare

Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a "real time" and on a gross basis. Settlement in "real time" means a payment transaction is not subjected to any... Read More About RTGS

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