By Staff Writer
THE Harare City Council (HCC) has threatened to convert the outstanding Zim dollar debts owed by residents into US$ using the prevailing official exchange rate amid concerns that the local authority can no longer fund its operations.
In an update the local authority said it was owed money running into billions of foreign currency by residents.
“Residents who fail to retire their debts within three months of being invited to negotiate payment plans will have their outstanding debts converted to United States dollars at the interbank rate and pay the debts in US$. Council owed over US$17 billion,” the HCC said.
HCC said money owed to council is losing value daily and when it is finally paid, it will not meet its budgeted targets.
“Hedging the debts against the United States dollar will help council maintain value when it’s finally paid,” said HCC.
In a bid to encourage residents to settle their debts, HCC said it will be resourcing all the revenue points to ensure turnaround time is reduced as it moves to boost customer satisfaction.