For example, if you go into a supermarket to buy a 15 Zimbabwean dollar loaf of bread, you can pay:. You also need cash to pay for bus fares - electronic transactions are not accepted on public transport - and road-side vendors or some small grocery shops only take cash. Often people have been waiting fruitlessly in bank queues as there has not been enough money to give out.
These are the people who never seem to have problems getting hold of cash - and are also in part to blame for rising inflation.
They make money from people needing local cash or foreign currency notes. These money speculators tend to hang out in the centre of the capital, Harare, or in busy markets. It is alleged the cash barons are able to get hold of notes because of corrupt relationships with some banks officials. You may also be interested in:. However, the influx of cash did not seem to affect the cash barons. A small group of elicit cash dealers enjoys suffering of the whole population.
No one even thinks of a citizen's arrest. Two banks have since been put under investigation for releasing huge tranches to some customers - who apparently used the money to source hard currency on the black market. And President Emmerson Mnangagwa has issued a warning to the cash barons that they will soon face justice.
But any penalties may not be enough to deter the appetite for US dollars on the black market as businesses need them to purchase desperately needed products.
People also need hard currency to buy medicines or to go abroad for treatment, given the failing health service, where doctors have been on strike for months.
Also it has better margin when they get it from the streets because we are offering whilst the auction rate of the government is offered at point something, point something.
The process is profitable for traders, and some people have left their formal jobs such as teaching for it. But Moses Chundu, an economics lecturer at the University of Zimbabwe, disagrees with him. He thinks cash still has value in Zimbabwean society, especially given that the financial system has collapsed before.
But you need to be very careful when you look at statistics," he said. So people still need cash, to the extent the electronic money itself is not fully acceptable to the transacting public. People are still not trusting their financial system. Zimbabweans generally prefer keeping U. Search Search. Home United States U. Africa 54 - November 11, Initial start-up costs were around Dh27, with an annual licence renewal fee of around Dh7, Other costs included a Dh, bank deposit and rental on the shop.
Visas for staff were also around Dh7, per person. Insurance was another cost, plus stock and equipment costs. What are the costs involved in opening a grocery store? Obtain Food license, entity registration, shop, and establishment registration, to name a few. As these are legal requirements, you will need to visit the license authority office to get the grocery store licenses to start a supermarket anywhere in India. Begin typing your search term above and press enter to search.
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