Article: “RAISING ZEROS REDUCES THE MONETARY MASS AND NEEDS A DECISION FROM THE TOP” Abdul Jalil is telling us in this article many important points:
1. The banks are now making money outside of the currency auctions (loans, mortgages, card fees, etc..) and perhaps it’s time not to solely rely on the spread of the currency exchange for bank revenues, thus they can eliminate the auctions and get the project to delete the zeros done now (which includes reinstate the dinar);
2. Not raising the zeros complicate contracting with companies;
3. Can hold up the funding for the reconstruction efforts;
4. Abdul Jalil is asking – Why did we do all this international banking reforms and comprehensive electronic banking reforms, if we are not going to raise the zeros from the currency?He alludes to the fact that he thought this was part of the reason for all this past work. So where is it then? Why is it taking so long. Do we need to get the GOI involved to force you to do it?
5. Abdul Jalil attitude on this article puts pressure on the CBI to respond. We all need some positive news on this project. WE have not heard anything from the CBI now for over 3 months. Abdul Jalil is saying that it should not be the sole responsibility of the CBI but to get the GOI involved in the decision process too. I happen to know the GOI is involved and they are the hold up so it is NOT the CBI.