OccasionalPaper !"#$%&Interest Rate Ceiling Ts haen dS tMoriyc rSofoin fanrce !"#$%&'()*+,-./012345678'9:; ! !"#$%&' !"#$%&'()*!+,-./0123$45? ! !"#$ %&'()*+,-./0123456789:;<,-./= !"# !"#$%&'!()*+? !"#$%&'()*+ !"#$% !"#$ !"#$%&'()*+ Brigit Helms, Lead Microfinance !"#$%&'()*+,-./0123456 40Specialist, CGAP !"#$%&'()*+,"#-./01234 !" !" Xavier Reille, Senior MicrofinanceSpecialist, CGAP !"#$%&'()*)+, ! !""#$%&'#()* + !" !"#$% !"#$ !"#$%&' ()' *+,-./012345678 !"#$% ! !"#$ !"#$%&'()*+,-. !"#$%&'CGAP !"#$%&'()*+ !"#$%&'()*+,- !"#$The World Bank1818 H Street. NW ! !"#$% !"#$%&'()*+,-./ !"#$%Washington DC !"#$%&'( )*+,-./012 34567 #8920433TeI: 202. 473 9594 !"#$%&'()*+,-. !"#$%&'()*+,-%$Fax: 202. 522 3744 !"#$%&'( !"#$%&'()&*+,-./012- !: CGAP@ : http: // !"#$%&'()*+,)-.#/01234567&89:;<= !"#$%&'()*+,-./0123 456789:;<=>0?0@ !"#$%"&'()*+,-./0123"456 !"#$% !"#$%&' !"# !"#$%&"'()*+,-./01 !"#$%&'()*+,-./0123456 !"#$%&'() !"#$%&'()*+,-./ 01234 !"#$%&'()* !"#$%& !"#$%&'()*+,-'(./0-123 !"#$%&'()*+%,-. %/01 !"#$%&'( !"#$%&'()*+,-./012345678./9 !"#$%&'()*1
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!"#$% !"#$%"&'()*+ !"#$%&'( 1999 24 !"#$%&'()*+, !"#$%&'()*+,-./0123 !" ##$%&'()*+,-./" 0 !"#$%&'!"()*+, !"# !"#$%&'()*+,- !"Donde !"#$%&25 !80 !"#$%&'()* !"#$%&'() !"#$%&'()*+,-. !" !"#$%&'( !" !"#$%&'()*+,-./012- !"#$%&' ( !"3) 3 !"#$%&'()*+ !"#$ 2004 CGAP !40 !"#$% !"#$%&'()* !" !" ! 11 !"#$%&' ! !"#$%&'()*+,-. /01 ! ! ! ! !"#$%&' !"#$%&'() ! ! !"#(UEAC) !" !"#$%&'()*+,-./ (UMOA) !"#$%&'()*+,- !"# !"#$%&'()*+ !"#$%&'()#*+,- !" !" !"#$%&'()*+'(, !" !"# #$%&'()*+, !" !"#$%(UMOA) !"#$% !"#$%&'()*+ !(UEAC) !"#$%&' ()*+26 !"#$%&'()* !"#$%& !"#$%&'()*+,-./0123 !"#$%&'( !"#$%& !"# !"2004 1 !"#$ !"#$%& !"#$%&'()* !"#$%&'()*+,-./0 !"#$%&'()*+,- !" !"#$%&'()*+,-./0 !"#$%&'()*+,-./ ! !"#$$PKSF !"#$%&'( !"#$%&'()*+ !"#$% !"#$% &'() ! !" !"#$#%&#'( !"# ! "#$%&'()* !"#$%&' !"#$%&'( !"#$% !"#$%&'()*! !"#$%&'()*+,-./01#2 !3 !"#$ ! " # !"#$%&'( ) * +!,"'#($-%.&/'+(0)*+,-./0123/45 !"#( $ % &!'"(#$%&) '( ) *!+",# -$ .% /&!'"(#$%&'()*+, ! " # $!"#$%&'()* ! " !"#$%( & ! '!(")#*$+#) % & '!("!#) $* % &!'"(# !"#!$%&' ( " #!) "* #( $+!,"-#.$/%&'()* !+,-./0123( !"#$%&'( ) * + , -!*".#+$/%0&1''()*+,-./01 ! " # ! " #!"#$ % & ' (!)"*#+$,%-&'($)*+,*- ./012 !"##$%&' ( ) *!+",#-$( .% /& 0'!1()" ) #* $ %!"#!$%&'()7
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!5 !"#$%&'() PP CP 200!3 "7 !"#$%&'1(7 ) * + !, -!."/#0$1%&'() ! " # $!"#$%&(BN'DES() ) BN* DES+ , - .!"#$%&'( )*+,-.#/01 !"2 # $ % &!"#$ % & '!(")#*$%&' ( B)N DE*S + , -!."/#0 !"#$%&'(200"2 ) * +B!ND,E"S - . /!0"1#$% & ' (!)"*#+$,%& AB cred Jose Caetano Lavorta Alves ! !"#$%&'0 ( ) *!+",P#P-CP$.%'&/' ! " # $!%A"BC#red $ % !"#$%&'()*+,-./01%234 ! Bueno and Carvalho Governo vai reativar Neumann and Carvalho Microcedito busca novos caminhos !"#$%&'()*+,-./01$2 ! !"#$%&'( !"#$% !"#$%&'()*+,-./0 !" !"#$% 2 !30 !"#$%&'()*+ !"#$ !"#$%&'()( !" !" !"#$ !"#$%&'()*+, !"#$%) !"#$!%&'() !"#$%&'( 2004 6 !"#1997 57 !2002 31 !( !"#$%&'() ZTBL( !"# !" !"#$% !"#$ !"#$) !"#$%&'() *+ ) !"# !"#$%38 24 !"# !"# $ZTBL ! !"#$%&'()*+, !"#$3132 !"#$%&'()* !"#$ !"# !"#$%&'()* !"#$ BancoSol 1992 !"#$%&'()*+, !"#$% !"#$%&'65 ! !"#$%&'()*+,-. !"#$%&' BancoSol !"# !"#$%&'()*+,- ./01 !"#$%&' !"#$ !22 33 !"#$% !&'()* ! ! !"#$% !"#$%&' !"#$%&'() !" !"# !"#$%& !"#$%&'()*3 !"#$%&'()*+,-./"0125 5 !"#$% !"#$%&'() ! "#$%&'($)*+, !" !"#$%&'()*+!#,-34 !"# $%!"& !" !"#$%&'()*+, !"#$%&' ()*+,-./01 !"#$%&'()*+,-./01 !" !"#$%? !"#$%& !"#$%&'( !"#$%&'( !"#$% &'()*+ !"# !"#$%&'()*+,( !"#$ !" #$%&'()*+,- !"#$%) !"# !"#$%&'()*+,-. /012 !"#$%& !"#$%&'()* !"#$%&'()*+,+- !"#$%&'() !"#$%&' !"#$%&' !"#$%& !" !"#$% & !"#$ !"#$%&'()*+,-)./0 !"#$%&'()*+,-'./0129
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36 !" !"#$%&'()*+,-. !"# !"#$%&'()*+, !"#$%( !") !"#$%& !"#$%&'()*+,-./0 !"#$%&'()*+,-. !"# ! !"#$%&'()*+,- !"#$%&'() *+,-./0 !"#$%&' !"#$%&' !"#$%&'()*+!,-&./01 !"#$%&'()*+, !" !"#$%&' !" !"#$% !"#$%&'()*+,-./** !"#$%&'()*+,-./01&'2 !"# $!%&'()*+,-./ !"#$%&'()*+,-./01237 ! ! !"#$%&'()*( ) !"#$%&'()*+, !" !( !"#$%&") !" !"#$%&'()"*+, !"# !" !"#$ !" !"#$%&'()*+,-./0123 ! "# !"#$%&' ( !"#$%&'()*+,-./0143 !"# $%&'()*+ !"#$%& !"#$%&'()* ! !"#$% !"#$ ( !"#$%&'()*+,-./0 !"#$% &'()*+,(-./ !"#$%&'()*+,-./0123 ) !"#$%&'()*+,-). !"#$%&'()* +,-./0 138 !"#$% !"# ! !"#$%&(MFRC) !"#$%&'(#)*+,-./# !"#$%&'39 !"#$% !"#$%&'! ()*+ !"#$%&'()#$!*2002 !"#$ !"#$%&'()*+, !"#$% !&'(!)*+, !"#$%&'()*+,$-"#$. !"#$% &'()*+ ! !"#$% !" !"#$"% !"#$%&'( !"#$%&'(!)*+ ! !"#$%& !"#$ !"#$%&'()*+!,-./, !"# !"# !"#$% !"#$%&' ()*$+, !"40 !"#$ !"#$%&'() !"#$%&'44 !" !"#$%2000 !" ! !"#$%&'()*+,- !"#$%&'()*+ !"# !"# !"#$%&' ! !"#$%&'()*+ !"#41 !" !"#$%&'()*+,-. ! !"# !"#$%&'()*+, !"#$%&'()*+,-./045 !"# $%&'()*+,-./ !"#$%&' !"#$%&' !"#$%&'() !"#$%&'()* !"#$% !"#$%&'(')*+,$-./!0** !"#$%&'()*+,-./01234567, 8!942 !"#$%&' !"#$%&'()*+ !"#$%&'()*&+11
!"#$%&'()*+, !"# !"#$%&'()*+,-.%/50 !"#$%&'() !"!#$%& !"#$% !"#$%&( !"#$%&' !"20 ) ! !"#$%&'()*+,-./ !"#$%&'()*"+,- !"#$% (ADR) !" !"# !"#$%&'()*+,-./012 !"#$ !" ! !"# !"#$% !"#$%& !" !"#$% !"#$ !"#$%&'() !"#$%& !"#$%&' !"#$%"#& 51 !"#$%&'(80 !"# ! 46 !"#$#%&'()*+,- !" 39 !"#$%&'( !"#$ % &'()*+, !" !"#$%&'()*+,- ! !"40 !"#$ %&'() !"#$%&'()*+,-./0%1 !"#$%&'()*+,- !"# 3 4 !"#$%&'()* ! ! !"#$%&'()*+,-./47 !"#$%&'() ! !"# !"#$%&'()*+ !"#$ !"#$600 !"#$%&' ()* !"#$ %&'( !"#$%&'92 !"#$%&'(28 !"#$%& !"#$%&'()* !"#$%&48 29 !"#$% &'()* !"#$ !"#$%& !"#$ !"#$%& ! "#$%&' !"#$%& !"#$%&'()*+,- ./012 !"#$%&'()!*+,- !"#$ !"#$%&'(')*+ !"#$% !"#$%&'( ! !"#$%&'()*+,-./0123 !"#$%&'()*&+,&-./01 !"#$%&'( )* !"#$% !"#$ !"#$%&'()* !"#$% !"#$%&'()10 49 100 !"#$%&'()*+,- !"#$%&'(")*+%,-./0 !"#$%& MFRC !"#$ !"#$%&' ()*+,-./0$1 !"#$%&'()* !"#$%&' !"#$% !"#$% &'( !"#$%&'()*+,-./0 !"#$%&'()*+,-./0123 !"#$%&'()*+ !"#$% !"#$%& !"#$%&'()* !"#$%&'2003 !"#339 !"#$%&'()*+, ()*-./ !" !"#$%&'() !"# !"#$ %&'()*+,- ./01 !"#$%&'(40000 !"# !12
!6 !"#$ !"#$%&'( ) * +!,"-#.$/%0& 1' 2( )!* +" ,# -$ .%!&"' ! ! " #! " # $ !% ! !" !"#$%& !"#$'()'*+,-./0 " !"#$%&'()*+,-. /0$%&1#2',-'34 !"#$ % & '!(")#*$+%&'()*+,- !"#$% & ' (!)"*#+$, !"#$% & ' (!)"*# +$ ,% &!'"(#$%&'()*+,-./01234 116 !"#$%&'(%)*+,-./01234567 8 Michael Cracknell Enda Tunisia May 2004 !"#$%&%'()*+,-&./0 !"#Rosenberg 17Microcredit Interest Rates Goodwin-Groen Making Sense of Microcredit Alfredo Alaniz president of the AssoCiation of Nicaraguan MicrofinanceInterest Rates and Donaghue Interest Rates in Microfinance lnstitutions(ASOMIF) October 2003 218MIX !"#$%&'()*+,-./'01234 Christian Loupeda Freedom from Hunger May .. Loubi re Devaney and Rhyne Lessons on Microfinance3 Ramesh Bellamkonda Of Bharatha Swamukti Samsthe 2004 !Regulation 7 8 4 20Vijay Mahajan BASIX 2004 Wright and Alamgir Microcredit Interest Rates in Bangladesh "17 521 !"#$%&'()*+,-, Christen et a1 Maximizing theThe countries with interest rate Ceilings are Armenia Brazil BurkinaOutreach of Microenterprise Finance and Robinson Sustainable FinanceFaso Cameroon Central African Republic Chile China Co1ombia for the Poor C?te d’Ivoire Ecuador Ethiopia Cuatemala Honduras Laos Mali Nicaragua Niger 6 !"#$%&'(, Littlefield Morduch and Hashemi Paraguay Senegal South Africa Tunisia Venezuela and Vietnam Is Microfinance an Effective Strategy?The countries without interest rate ceilings areBangladesh Bolivia Egypt Indonesia Morocco Peru and Sri Lanka 7Castello Stearns and Christen Exposing lnterest Rates 12ff Availability of data and the Status of interest rate cei1ings affected theselection of countries for the comparison sample 8Harper Profit for the Poor 15; and Hossain and Diaz Reaching22the Poor,25 Julio Flores executive director FDL December 2003 923Stephens Depth of Outreach 2 South Africa Department of Trade and lndustry "Summary ofFindings "10 !"# Robinson Sustainable Finance for the Poor 177? 213 24 Monika Harutyunyan Armenia Microenterprise Development11Honohan "Financial Sector Policy " 26 Initative April 2004 1225See , for example Shaw Financial Deepening Chapter 4 McKinnon Wright and Alamgir "Microcredit Interest Rates in Bangladesh "Money and Capital 14?16 and chapter 7 Adams Graham and Von26Pischke Undermining Development With Cheap Creit and World Bank UMOA consists of Benin Burkina Faso Guinea Conakry Guinea Bissau Limitations of Cheap Credit C?te d’Ivoire Niger Mali Senegal and Togo The centralbank of thisunion is the BCEAO (Banque Centrale des Etats de1’Afrique de l’Ouest) 13Braverman and Huppi "Improving Rural Finance "UEAC consists of Chad Cameroon Central African Republic Gabon the Republic of Congo and Equatorial Guinea The central bank of this14Brandsma and Hart Making Microfinance Work Better 36 union is BEAC (Banque des Etatsde l’Afrique Centrale) 1527Braverman and Huppi "lmproving Rural Finance " Ernesto Aguirre former superintendent of banks Colombia 13
2839Christian Loupeda Freedom From Hunger May 2004 MFRC 2004 internal discussion paper 2940 Brett Coleman ADB microfinance specialist March 2004 Henry Madrenes technical assistant to BEAC April 2004 3041Shiferaw and Ahma Revisiting the Regulatory and SupervisionSuperintendencia de Bancos Republica de Panama General ResolutionFramework Hardy Holden and Propkopenko Microfinance In-No 3 2000 stitutions and Public Policy 42 Timothy Lyman microfinance policy expert May 2004 31 Steve Rasmusswen Pakistan Microfinance Network July 2004 43An exception might be in hyperinflationary countries where consumers32MIX 2004 unpublished research. MIX data was used for countries forare used to high rates of everything including interest Which time series data existed. An unweighted average of country44Cohen Stack and McGuiness "Financial Education: A Win Win "averags for operating efficiency was used for each year. Even thoughNicaragua introduced a usury rate in 2001 a11 of the cost savings and45Sebstad and Cohen "Financial Education for the poor " 6 most of the interest rate reduction resulting from competition had a1readytaken place 46Anft "A New Way to Curb Poverty " 7 33 Julio C. Herbas Gutierrez manager Banco Solidario S A 47UK Office of Fair Trading Credit Card Survcy April 2004 48Mahajan and Ramola "Financial Services for the Rural Poor " 4 34 Mathieu Cognac GRET November 2003 box 2 35For more information on these policy issues see Christen Lyman and49Citigroup "Citigroup Announces US $200 Million Clobal Commitment "Rosenberg Guiding Principles of Regulation and Supervision and Duflosand Imboden The Role of Governments in Microfinance 50 Gabriel Davel Director MFRC April 2004 See also MFRCCall Centre Annual Statistics WWW mfrc Co za(accessed 7 June36See box 2 for definitions of different types of interest rates 2004) 37Robe 2004 "EU Consumer Protection Laws."51UK Department of Fair Trade and lndustry " Fair C1ear andCompetitive "54 38See thc US Truth in Lending Act (TIL A) passed in 1968 15U S C 1600 et seq 14
!Adams, Dale W Douglas H Graham and J D Von Pischke eds Undermining Development with Cheap Credit Boulder Colo Westview Press 1984 Anft Michael "A New Way to Curb Poverty"Chronicle of Philanthropy(15April 2004) Bidouj Moustapha "Evolution de l’Industrie de Microfinance au Maroc "Presentation given by the General Secretary of Fondation Banque Populaire pour le Microcredit Morocco at the First Annual Conference of Sanabel Amman Jordan December 2003 2Bolivia Govemment of Bolivia Decreto Supremo NO 27338 2004(Carlosd Mesa Gisben Presidente Constitucional de la Rep:blica) Bradsma Judith and Laurence Hart Making Microfinance Work Better in the Middle East and North Africa Washington DC world Bank lnstitute 2002 Braverman Avishay ,and Monika Huppi "Improving Rural Finance in Developing Countries "Finance & Development 28 no 1(March l991) 42-44 aBueno Sergio and Maria Christina Carvalho "Governo vai reativar programa que n?o decolou com mais fontes de recursos e taxas fiex’’ veis"(22April 2004) Valor Online com brCastello C. Katherine Steams and Robert P. Christen Exposing Interest Rates Their True Significance to Microentrepreneurs and Credit Programs Cambridge Mass.: ACCI?N IntemationaI 1991 Christen Robert P Richard Rosenberg and Veena Jayadeva Financial Institutionswith a"Double Bottom Line" Implications for the Future of Microfinance CGAP Occasional Paper,no 8 Washington DC CGAp July2004 Christen Robert Peck Timothy R Lyman and Richard Rosenberg Guiding Principles on Regulation and Supervision of Microfinance Microfinance Consensus Guidelines Washington DC CGAP July 2003 Christen Robert Peck Elisabeth Rhyne Robert C .Vogel and Cressida McKean Maximizing the Outreach of Microenterprise Finance An Analysis of Successful Microfinance Programs USAID Program and Operations Assessment Report no 10 Washington DC USAlD 1995 Cohen Monique Kathleen Stack and Elizabeth McGuiness "Financial Education A Win-Win for Clients and MFIs "Highlight The Micro finance Gateway 2004 http www microfinancegateway org /content article detail 20273 Citigroup Inc "Citigroup Announces US $200 Million Global Commitment to Financial Education "Press release 7April 2004 www citigronp com Donaghue Kieran "Interest Rates in Microfinance "Unpublished paper Canberra Australia 2002 Duflos Eric and Kathryn lmboden The Role of Govemments in Microfinance CGAP Donor Brief no 19 Washington DC CGAP July 2004 Duval Ann The lmpact of Interest Rate Ceilings on Microfinance CGAP Donor Brief no 18 Washington DC CGAP May 2004 Gibbons David and Jennifer Meehan "The Microcredit Summit’s Challenge Working toward lnstitutional Financial Self-Sufficiency while Maintaining a Commitment to ServlngthePooreserving the Poorest Families "Joumal of Microfinance l no l(Fall l999) 131-92 Gonzalez Vega Claudio Deepning Rural Financiai Markets Macroeconomic Policy and Political Dimensions Columbus Ohio The Ohio State University,Rural Finance Program 2003 Goodwin-Groen Ruth Making Sense of Microcredit Interest Rates CGAP Donor Brief no 6-Washington DC CGAP 2002 Hardy Daniel C. Paul Holden and Vassili Prokopenko "Microfinance lnstitutions and Public Policy" IMF Working Paper Washington DC Intemational Monetary Fund 2002 Harper,Malcolm Profit for the Poor Cases in Microfinance London Intermediate Technology Publications 1998 Honohan Patrick "Financial Sector Policy and the Poor "Draft paper Financial Sector Operations and Policy Department and Development Research Group the World Bank Washington DC 2004 Hossain Mahabub and Catalina "Reaching the Poor with Effective Microcredit Evaluation of a Grameen Bank Replication in the Philippnes "Paper presented at the IntemationalWorkshop on Assessing the lmpact of Agricultural Research on Poverty Alleviation Intemational Center for Tropical Agriculture Cali Columbia 14-16 September 1999 Inter-American Development Bank "Summary Tables "ln Regulation and Supervision of Microfinance in Latin America and the Caribbean Microenterprise Unit Sustainable Development DC Inter-American Development Bank 2000 Center for lnstitutional Reform and the lnformaI Sector(IRIS) University of Maryland Database of regulation and supervision of financial institutions in selected countries forthcoming resource center on the Microfinance Gateway web site www microfinancegateway orgLittlefield Elizabeth Jonathan Mordnch and Syed Hashemi Is Microfinance an Effective Strategy to Reach the Millennium Development Goals?CGAP Focus Note no DC CGAP January 2004 Mahajan Vijay and Bharti Gupta Ramo1a "Financial Services for the Rural Poor and Women in lndia Access and Sustainability,"Joumal of Intemational Development 8 no 2(1996) 211-24 15
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