“Micro-credit interest charges”
Much as I appreciate your publishing my article on the above subject in your today's issue (29th November 2007), I have to convey that there have been some mistakes in understanding my technical paper which are as follows:
(1) In the first sentence, I wrote, 'It is often said that the financing charges applicable to most of the micro-credit operations, including those levied by the Grameen Bank (GoB) in Bangladesh, are high relative to the prevailing interest rate in the conventional market". I wanted to convey that GoB levied interest charges are considered high compared to the level of interest rate prevailing in the conventional market, not ' highly relative to the prevailing interest rate...'. I hope the meaning is understood clearly now, and that my formulation was OK .
(2) In the middle of the write-up the para starts as: ' In the case of the micro-credit borrower, the central question relates to what she actually pays back, and the time'. 'the time' does not make sense. In my formulation, I had written '' ...what she pays back and on time". There are a number of other, if less objectionable, amendments.
(3) Introducing so many paragraphs has not enhanced the quality of the paper or accuracy of its expressions.
Although I believe in the editorial prerogative to edit, it is less justified that distortions should appear in any form.
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