ZIMBABWE HUSTLERS TRADE TATTERED US NOTES

In time-honoured street hawker tradition, Kaitano Kasani is using charm and persuasion to get people to sell him their tattered US banknotes.

Kasani, 42, bellows through a megaphone as he walks through Glen Norah, a township in Harare, in the sweltering November heat.

Bring all your old and torn notes. I have a good rate today. There is no other better deal in town, Kasani shouts.

A woman brings a torn $20 note (£15) which Kasani inspects before handing her $15.

In Zimbabwe's beleaguered economy, buying and selling half-shredded banknotes has become the latest hustle.

Zimbabweans are suspicious of banks and prefer to keep their money under pillows and beds. In previous crises, hyperinflation wiped out millions in savings, particularly in 2008. Now, there is a lack of favoured banknotes as they wear out faster than replacements come into circulation.

Shortages have led to the government telling banks and retailers not to reject old or worn US dollars, but many defy the order. A lack of exports means fewer new notes in circulation, and Zimbabweans are re-using increasingly grubby notes. Dealers either mend them or sell them on to others who will bribe or otherwise persuade senior bank officials to exchange large quantities.

These torn notes are more valuable to me than new ones. These old notes, when taken to the bank, will be replaced at the same value, yet we would have bought them at nearly half the original value, depending on how bad they are, says Kasani.

All I need is the serial number and the necessary features for me to take.

Kasani sells old notes to business people and other cash dealers at 80% profit.

His new business has sustained his four children after he lost his job in manufacturing two years ago.

To read the complete article, see:
Dirty dollars: how tattered US notes became the latest street hustle in Zimbabwe (https://www.theguardian.com/global-development/2021/nov/17/dirty-dollars-how-tattered-us-notes-became-the-latest-street-hustle-in-zimbabwe)

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