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Is it time to delete the zeros?
Economical 08/18/2024
Yasser Al-Metwally
There is an economic principle in the free, capitalist, or market economy approach, call it what you like, by addressing the imbalance or distortion in the economic structure following the impact of the shock.
That is, accepting the financial, economic and social effects resulting from this measure in the hope of improving the economic reality.
For the purpose of clarifying this principle and analyzing its effects as a means of spreading economic culture,
we address the issue of deleting zeros from the currency with the aim of reducing its effects on the size of the monetary mass and the value of money.
As the solutions for reducing the dollar exchange rates between the official and parallel rates become more severe and complex, calls mount for the necessity of deleting the zeros in the belief that it is one of the solutions.
Here, if the decision to delete the zeros is taken, this
means addressing the defect with the effect of shock,
but we must first present the most prominent advantages and disadvantages of deleting the zeros and compare them to reach an optimal solution and a correct decision.
This is the best way to spread a culture of discrimination among the public and not address the specialists because they are aware of the ideal solution.
One of the most prominent advantages of deleting zeros is reducing the size of the cash block, not its value (simply the number of banknotes used in circulation).
This advantage results in the ease of carrying cash amounts and protecting them from theft or damage.
As for the disadvantages,
deleting the zeros will leave countless social problems, and
we are indispensable at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that
the true value of the money is not affected.
The issue relates to the mind and memory preservation of large amounts, then the solution is Commercial and personal contracts and agreements create disagreements and an inability to understand each other.
From the above analysis it is clear that the procedure for deleting zeros is not appropriate at the present time.
But with the use of electronic payment processes, the environment will be mature and acceptable to the idea of implementing the decision to delete the zeros, and
the process will be automatic without the citizen being aware of it.
But is it time to issue a decision?
We believe that it is too early due to the recent introduction of electronic payment technology into commercial, market, official and private transactions.
Experience is still limited to absorbing such a shift, and
when the rate of acceptance and use of electronic payment tools reaches 90 percent of citizens, then the decision to delete the zeros can be implemented easily and smoothly.
It takes time to spread the culture of electronic payment, and
it is required to intensify media and advertising campaigns to concentrate it in the citizen’s memory and accept it.
In such a case, the concerned authorities must reduce the costs of using electronic payment and impose strict control on fraud and manipulation, and then expand and diversify electronic payment companies throughout the country.
Those concerned must begin with state institutions in using electronic payment for all transactions, and then the culture of electronic payment will expand.
https://alsabaah.iq/101197-.html
Economical 08/18/2024
Yasser Al-Metwally
There is an economic principle in the free, capitalist, or market economy approach, call it what you like, by addressing the imbalance or distortion in the economic structure following the impact of the shock.
That is, accepting the financial, economic and social effects resulting from this measure in the hope of improving the economic reality.
For the purpose of clarifying this principle and analyzing its effects as a means of spreading economic culture,
we address the issue of deleting zeros from the currency with the aim of reducing its effects on the size of the monetary mass and the value of money.
As the solutions for reducing the dollar exchange rates between the official and parallel rates become more severe and complex, calls mount for the necessity of deleting the zeros in the belief that it is one of the solutions.
Here, if the decision to delete the zeros is taken, this
means addressing the defect with the effect of shock,
but we must first present the most prominent advantages and disadvantages of deleting the zeros and compare them to reach an optimal solution and a correct decision.
This is the best way to spread a culture of discrimination among the public and not address the specialists because they are aware of the ideal solution.
One of the most prominent advantages of deleting zeros is reducing the size of the cash block, not its value (simply the number of banknotes used in circulation).
This advantage results in the ease of carrying cash amounts and protecting them from theft or damage.
As for the disadvantages,
deleting the zeros will leave countless social problems, and
we are indispensable at this stage due to the inability to convince the public to accept the decrease in the size of the monetary mass while acknowledging that
the true value of the money is not affected.
The issue relates to the mind and memory preservation of large amounts, then the solution is Commercial and personal contracts and agreements create disagreements and an inability to understand each other.
From the above analysis it is clear that the procedure for deleting zeros is not appropriate at the present time.
But with the use of electronic payment processes, the environment will be mature and acceptable to the idea of implementing the decision to delete the zeros, and
the process will be automatic without the citizen being aware of it.
But is it time to issue a decision?
We believe that it is too early due to the recent introduction of electronic payment technology into commercial, market, official and private transactions.
Experience is still limited to absorbing such a shift, and
when the rate of acceptance and use of electronic payment tools reaches 90 percent of citizens, then the decision to delete the zeros can be implemented easily and smoothly.
It takes time to spread the culture of electronic payment, and
it is required to intensify media and advertising campaigns to concentrate it in the citizen’s memory and accept it.
In such a case, the concerned authorities must reduce the costs of using electronic payment and impose strict control on fraud and manipulation, and then expand and diversify electronic payment companies throughout the country.
Those concerned must begin with state institutions in using electronic payment for all transactions, and then the culture of electronic payment will expand.
https://alsabaah.iq/101197-.html
