Interest rates have always been a much debated topic in microfinance, as the prices paid by low-income clients tend to be higher than conventional banks' rates. In Egypt, microcredit rates are increasingly being criticized and viewed as unreasonably high. The study analyses the effective interest rates charged by Egyptian NGO-MFIs compared with commercial banks' rates, and using time series cross-sectional regression models, the study examines the main determinants affecting NGO-MFIs’ portfolio yield and operating expenses in order to identify prospects for providing reasonably priced credit for low-income Egyptians. Findings suggest that, as the average portfolio yield for NGO-MFIs in Egypt has exceeded the global average portfolio yield, there is a clear potential for providing microcredit at lower prices, and much can still be done towards more operational efficiency.

Acclassato, D. (2006) Microfinance Institutions under Interest Rates Ceilings, preliminary version, Laboratoire d’Economie d’Orléans (LEO), Université d’Orléans.

Annim, S. (2011) Sensitivity of Loan Size to Lending Rates: Evidence from Ghana's Microfinance Sector, Working Paper No. 2011/03, Helsinki, Finland: UNU-WIDER.

Bidwell, K. (2009) ‘Addressing agricultural risks: review of ongoing microinsurance field experiments in Ghana’, paper presented at the Fifth International Conference on Microinsurance, Dakar, Senegal, 3-5 November 2009.

Campion, A., Ekka, R. and Wenner, M. (2010) Interest Rates and Implications for Microfinance in Latin America and the Caribbean, Washington, DC: Inter-American Development Bank Institutional Capacity and Finance Sector.

GAP (2002) Microcredit Interest Rates, CGAP Occasional Paper No.1, Washington, DC: CGAP.

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World's Poor Live on $2 a Day, Princeton, NJ: Princeton University Press.

Cull, R., McKenzie, D. and Woodruff, C. (2007) ‘Experimental evidence on returns to capital and access to finance in Mexico’, manuscript.

Dehejia, R., Montgomery, H. and Morduch, J. (2005) Do Interest Rates Matter? Credit Demand in the Dhaka Slums, ADB Institute Discussion Paper No. 37, MPRA Paper 33146, Munich, Germany: University Library of Munich.

Economist Intelligence Unit (2012) Global Microscope on the Microfinance Business Environment 2012 [pdf], Economist Intelligence Unit, The Economist Group <www.ifc.org/wps/wcm/connect/467a47804ce326f793afd7f81ee631cc/EIU_MICROFINANCE_2012_PRINT.pdf?MOD=AJPERES≯ [accessed 25 November 2013]. www.ifc.org/wps/wcm/connect/467a47804ce326f793afd7f81ee631cc/EIU_MICROFINANCE_2012_PRINT.pdf?MOD=AJPERES

Egyptian Financial Supervisory Authority (EFSA) (2010) ‘Microfinance in Egypt brief overview of current status’, Cairo: Egyptian Financial Supervisory Authority.

Fernando, N. (2006) Understanding and Dealing with High Interest Rates on Microcredit, a Note to Policy Makers, in the Asia and Pacific Region, Manila, Philippines: ADB Publication.

Gaul, S. (2011) Defining Responsible Financial Performance: The Role of Profits, MicroBanking Bulletin, Washington, DC: Microfinance Information Exchange (MIX).

Gobezie, G. (2004) Subsidizing Microcredit Interest: How Important is it to the Poor? INAFI Digest, Dakar, Senegal: INAFI.

Goldstein, M. and Udry, C. (1999) Agricultural Innovation and Resource Management in Ghana, manuscript, Washington, DC: International Food Policy Research Institute.

Hashemi, S. and Rosenberg, R. (2006) Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, CGAP Focus Note No. 34, Washington, DC: CGAP.

Helms, B. and Reille, X. (2004) Interest Rate Ceilings and Microfinance: The Story so Far, CGAP Occasional Paper No. 9, Washington, DC: CGAP.

Jansson, T. and Wenner, M. (1997) Financial Regulation and Its Significance for Microfinance in Latin America and the Caribbean, Washington, DC: Sustainable Development Department, Inter-American Development Bank.

Jenkins, H. (2006) The Impact of Regulation of MFIs on Micro-lending in Senegal, North Cyprus, Turkey: Department of Banking and Finance, Eastern Mediterranean University.

Karlan, D. and Zinman, J. (2008) ‘Credit elasticities in less-developed economies: implications for microfinance’, American Economic Review 98(3): 1040-68.

King, E. (2008) ‘Vietnam's decree on microfinance: a flawed attempt to create an enabling legal environment for microfinance’, Pacific Rim Law & Policy Journal 17(1): 187-207.

Mersland, R. and Strøm, R. Øystein (2010) ‘Microfinance mission drift?’ World Development 38(1): 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.

Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617-29 <http://dx.doi.org/10.1016/S0305-750X(99)00151-5≯.

Paul, M. (2010) ‘Bridging the gap to the microfinance promise: a proposal for a tax-exempt microfinance hybrid entity’, New York University Journal of International Law and Politics 42(4): 1383.

Payne, B. and Skinner, G. (2010) ‘Microfinance regulation: interest rate caps and concept of usury’, Selected Works of Gray L. Skinner [website] <http://works.bepress.com/gray_skinner/1≯ [accessed 25 November 2013]. http://works.bepress.com/gray_skinner/1

Podestà, F. (2002) Recent Developments in Quantitative Comparative Methodology: The Case of Pooled Time Series Cross-section Analysis, DSS Papers, Soc 3-02.

Policis (2004) The Effect of Interest Rate Controls in Other Countries [pdf], Department for Business, Innovation and Skill, UK Government <http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/ccp/topics1/pdf1/creditpolicis1.pdf≯ [accessed 25 November 2013]. http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/ccp/topics1/pdf1/creditpolicis1.pdf

Porteous, D. (2006) Competition and Microcredit Interest Rates, CGAP Focus Note 33, Washington, DC: CGAP.

Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? CGAP Occasional Paper No. 15, Washington, DC: CGAP.

Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants, Access to Finance Forum Reports by CGAP and its Partners No. 7, Washington, DC: CGAP.

Sanabel (2010) ‘Microfinance industry profile: Egypt’, Giza, Egypt: The Microfinance Network for Arab Countries, Sanabel.

Sanabel and MIX Market (2012) 2011 Middle East and North Africa Regional Snapshot [pdf], MIX and Sanabel <www.themix.org/sites/default/files/2011%20MENA%20Regional%20Snapshot_0.pdf≯ [accessed 25 November 2013]. www.themix.org/sites/default/files/2011%20MENA%20Regional%20Snapshot_0.pdf

Islam, Z., Porporato, M. and Waweru, N.(2011) ‘Cost structure and sustainability in microfinance institutions: the potential effects of interest rate cap in Bangladesh’, Social Science Research Network Working Papers Series <http://dx.doi.org/10.2139/ssrn.1909248≯.

Wright, D. and Alamgir, D. (2004) Microcredit interest rates in Bangladesh ‘Capping v Competition’, paper produced for the Donors’ Local Consultative Group on Finance, Dhaka, Bangladesh.

Acclassato, D. (2006) Microfinance Institutions under Interest Rates Ceilings, preliminary version, Laboratoire d’Economie d’Orléans (LEO), Université d’Orléans.

Annim, S. (2011) Sensitivity of Loan Size to Lending Rates: Evidence from Ghana's Microfinance Sector, Working Paper No. 2011/03, Helsinki, Finland: UNU-WIDER.

Bidwell, K. (2009) ‘Addressing agricultural risks: review of ongoing microinsurance field experiments in Ghana’, paper presented at the Fifth International Conference on Microinsurance, Dakar, Senegal, 3-5 November 2009.

Campion, A., Ekka, R. and Wenner, M. (2010) Interest Rates and Implications for Microfinance in Latin America and the Caribbean, Washington, DC: Inter-American Development Bank Institutional Capacity and Finance Sector.

GAP (2002) Microcredit Interest Rates, CGAP Occasional Paper No.1, Washington, DC: CGAP.

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World's Poor Live on $2 a Day, Princeton, NJ: Princeton University Press.

Cull, R., McKenzie, D. and Woodruff, C. (2007) ‘Experimental evidence on returns to capital and access to finance in Mexico’, manuscript.

Dehejia, R., Montgomery, H. and Morduch, J. (2005) Do Interest Rates Matter? Credit Demand in the Dhaka Slums, ADB Institute Discussion Paper No. 37, MPRA Paper 33146, Munich, Germany: University Library of Munich.

Economist Intelligence Unit (2012) Global Microscope on the Microfinance Business Environment 2012 [pdf], Economist Intelligence Unit, The Economist Group <www.ifc.org/wps/wcm/connect/467a47804ce326f793afd7f81ee631cc/EIU_MICROFINANCE_2012_PRINT.pdf?MOD=AJPERES≯ [accessed 25 November 2013]. www.ifc.org/wps/wcm/connect/467a47804ce326f793afd7f81ee631cc/EIU_MICROFINANCE_2012_PRINT.pdf?MOD=AJPERES

Egyptian Financial Supervisory Authority (EFSA) (2010) ‘Microfinance in Egypt brief overview of current status’, Cairo: Egyptian Financial Supervisory Authority.

Fernando, N. (2006) Understanding and Dealing with High Interest Rates on Microcredit, a Note to Policy Makers, in the Asia and Pacific Region, Manila, Philippines: ADB Publication.

Gaul, S. (2011) Defining Responsible Financial Performance: The Role of Profits, MicroBanking Bulletin, Washington, DC: Microfinance Information Exchange (MIX).

Gobezie, G. (2004) Subsidizing Microcredit Interest: How Important is it to the Poor? INAFI Digest, Dakar, Senegal: INAFI.

Goldstein, M. and Udry, C. (1999) Agricultural Innovation and Resource Management in Ghana, manuscript, Washington, DC: International Food Policy Research Institute.

Hashemi, S. and Rosenberg, R. (2006) Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, CGAP Focus Note No. 34, Washington, DC: CGAP.

Helms, B. and Reille, X. (2004) Interest Rate Ceilings and Microfinance: The Story so Far, CGAP Occasional Paper No. 9, Washington, DC: CGAP.

Jansson, T. and Wenner, M. (1997) Financial Regulation and Its Significance for Microfinance in Latin America and the Caribbean, Washington, DC: Sustainable Development Department, Inter-American Development Bank.

Jenkins, H. (2006) The Impact of Regulation of MFIs on Micro-lending in Senegal, North Cyprus, Turkey: Department of Banking and Finance, Eastern Mediterranean University.

Karlan, D. and Zinman, J. (2008) ‘Credit elasticities in less-developed economies: implications for microfinance’, American Economic Review 98(3): 1040-68.

King, E. (2008) ‘Vietnam's decree on microfinance: a flawed attempt to create an enabling legal environment for microfinance’, Pacific Rim Law & Policy Journal 17(1): 187-207.

Mersland, R. and Strøm, R. Øystein (2010) ‘Microfinance mission drift?’ World Development 38(1): 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.

Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617-29 <http://dx.doi.org/10.1016/S0305-750X(99)00151-5≯.

Paul, M. (2010) ‘Bridging the gap to the microfinance promise: a proposal for a tax-exempt microfinance hybrid entity’, New York University Journal of International Law and Politics 42(4): 1383.

Payne, B. and Skinner, G. (2010) ‘Microfinance regulation: interest rate caps and concept of usury’, Selected Works of Gray L. Skinner [website] <http://works.bepress.com/gray_skinner/1≯ [accessed 25 November 2013]. http://works.bepress.com/gray_skinner/1

Podestà, F. (2002) Recent Developments in Quantitative Comparative Methodology: The Case of Pooled Time Series Cross-section Analysis, DSS Papers, Soc 3-02.

Policis (2004) The Effect of Interest Rate Controls in Other Countries [pdf], Department for Business, Innovation and Skill, UK Government <http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/ccp/topics1/pdf1/creditpolicis1.pdf≯ [accessed 25 November 2013]. http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/ccp/topics1/pdf1/creditpolicis1.pdf

Porteous, D. (2006) Competition and Microcredit Interest Rates, CGAP Focus Note 33, Washington, DC: CGAP.

Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? CGAP Occasional Paper No. 15, Washington, DC: CGAP.

Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants, Access to Finance Forum Reports by CGAP and its Partners No. 7, Washington, DC: CGAP.

Sanabel (2010) ‘Microfinance industry profile: Egypt’, Giza, Egypt: The Microfinance Network for Arab Countries, Sanabel.

Sanabel and MIX Market (2012) 2011 Middle East and North Africa Regional Snapshot [pdf], MIX and Sanabel <www.themix.org/sites/default/files/2011%20MENA%20Regional%20Snapshot_0.pdf≯ [accessed 25 November 2013]. www.themix.org/sites/default/files/2011%20MENA%20Regional%20Snapshot_0.pdf

Islam, Z., Porporato, M. and Waweru, N.(2011) ‘Cost structure and sustainability in microfinance institutions: the potential effects of interest rate cap in Bangladesh’, Social Science Research Network Working Papers Series <http://dx.doi.org/10.2139/ssrn.1909248≯.

Wright, D. and Alamgir, D. (2004) Microcredit interest rates in Bangladesh ‘Capping v Competition’, paper produced for the Donors’ Local Consultative Group on Finance, Dhaka, Bangladesh.

Acclassato, D. (2006) Microfinance Institutions under Interest Rates Ceilings, preliminary version, Laboratoire d’Economie d’Orléans (LEO), Université d’Orléans.

Annim, S. (2011) Sensitivity of Loan Size to Lending Rates: Evidence from Ghana's Microfinance Sector, Working Paper No. 2011/03, Helsinki, Finland: UNU-WIDER.

Bidwell, K. (2009) ‘Addressing agricultural risks: review of ongoing microinsurance field experiments in Ghana’, paper presented at the Fifth International Conference on Microinsurance, Dakar, Senegal, 3-5 November 2009.

Campion, A., Ekka, R. and Wenner, M. (2010) Interest Rates and Implications for Microfinance in Latin America and the Caribbean, Washington, DC: Inter-American Development Bank Institutional Capacity and Finance Sector.

GAP (2002) Microcredit Interest Rates, CGAP Occasional Paper No.1, Washington, DC: CGAP.

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World's Poor Live on $2 a Day, Princeton, NJ: Princeton University Press.

Cull, R., McKenzie, D. and Woodruff, C. (2007) ‘Experimental evidence on returns to capital and access to finance in Mexico’, manuscript.

Dehejia, R., Montgomery, H. and Morduch, J. (2005) Do Interest Rates Matter? Credit Demand in the Dhaka Slums, ADB Institute Discussion Paper No. 37, MPRA Paper 33146, Munich, Germany: University Library of Munich.

Economist Intelligence Unit (2012) Global Microscope on the Microfinance Business Environment 2012 [pdf], Economist Intelligence Unit, The Economist Group <www.ifc.org/wps/wcm/connect/467a47804ce326f793afd7f81ee631cc/EIU_MICROFINANCE_2012_PRINT.pdf?MOD=AJPERES≯ [accessed 25 November 2013]. www.ifc.org/wps/wcm/connect/467a47804ce326f793afd7f81ee631cc/EIU_MICROFINANCE_2012_PRINT.pdf?MOD=AJPERES

Egyptian Financial Supervisory Authority (EFSA) (2010) ‘Microfinance in Egypt brief overview of current status’, Cairo: Egyptian Financial Supervisory Authority.

Fernando, N. (2006) Understanding and Dealing with High Interest Rates on Microcredit, a Note to Policy Makers, in the Asia and Pacific Region, Manila, Philippines: ADB Publication.

Gaul, S. (2011) Defining Responsible Financial Performance: The Role of Profits, MicroBanking Bulletin, Washington, DC: Microfinance Information Exchange (MIX).

Gobezie, G. (2004) Subsidizing Microcredit Interest: How Important is it to the Poor? INAFI Digest, Dakar, Senegal: INAFI.

Goldstein, M. and Udry, C. (1999) Agricultural Innovation and Resource Management in Ghana, manuscript, Washington, DC: International Food Policy Research Institute.

Hashemi, S. and Rosenberg, R. (2006) Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, CGAP Focus Note No. 34, Washington, DC: CGAP.

Helms, B. and Reille, X. (2004) Interest Rate Ceilings and Microfinance: The Story so Far, CGAP Occasional Paper No. 9, Washington, DC: CGAP.

Jansson, T. and Wenner, M. (1997) Financial Regulation and Its Significance for Microfinance in Latin America and the Caribbean, Washington, DC: Sustainable Development Department, Inter-American Development Bank.

Jenkins, H. (2006) The Impact of Regulation of MFIs on Micro-lending in Senegal, North Cyprus, Turkey: Department of Banking and Finance, Eastern Mediterranean University.

Karlan, D. and Zinman, J. (2008) ‘Credit elasticities in less-developed economies: implications for microfinance’, American Economic Review 98(3): 1040-68.

King, E. (2008) ‘Vietnam's decree on microfinance: a flawed attempt to create an enabling legal environment for microfinance’, Pacific Rim Law & Policy Journal 17(1): 187-207.

Mersland, R. and Strøm, R. Øystein (2010) ‘Microfinance mission drift?’ World Development 38(1): 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.

Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617-29 <http://dx.doi.org/10.1016/S0305-750X(99)00151-5≯.

Paul, M. (2010) ‘Bridging the gap to the microfinance promise: a proposal for a tax-exempt microfinance hybrid entity’, New York University Journal of International Law and Politics 42(4): 1383.

Payne, B. and Skinner, G. (2010) ‘Microfinance regulation: interest rate caps and concept of usury’, Selected Works of Gray L. Skinner [website] <http://works.bepress.com/gray_skinner/1≯ [accessed 25 November 2013]. http://works.bepress.com/gray_skinner/1

Podestà, F. (2002) Recent Developments in Quantitative Comparative Methodology: The Case of Pooled Time Series Cross-section Analysis, DSS Papers, Soc 3-02.

Policis (2004) The Effect of Interest Rate Controls in Other Countries [pdf], Department for Business, Innovation and Skill, UK Government <http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/ccp/topics1/pdf1/creditpolicis1.pdf≯ [accessed 25 November 2013]. http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/ccp/topics1/pdf1/creditpolicis1.pdf

Porteous, D. (2006) Competition and Microcredit Interest Rates, CGAP Focus Note 33, Washington, DC: CGAP.

Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? CGAP Occasional Paper No. 15, Washington, DC: CGAP.

Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants, Access to Finance Forum Reports by CGAP and its Partners No. 7, Washington, DC: CGAP.

Sanabel (2010) ‘Microfinance industry profile: Egypt’, Giza, Egypt: The Microfinance Network for Arab Countries, Sanabel.

Sanabel and MIX Market (2012) 2011 Middle East and North Africa Regional Snapshot [pdf], MIX and Sanabel <www.themix.org/sites/default/files/2011%20MENA%20Regional%20Snapshot_0.pdf≯ [accessed 25 November 2013]. www.themix.org/sites/default/files/2011%20MENA%20Regional%20Snapshot_0.pdf

Islam, Z., Porporato, M. and Waweru, N.(2011) ‘Cost structure and sustainability in microfinance institutions: the potential effects of interest rate cap in Bangladesh’, Social Science Research Network Working Papers Series <http://dx.doi.org/10.2139/ssrn.1909248≯.

Wright, D. and Alamgir, D. (2004) Microcredit interest rates in Bangladesh ‘Capping v Competition’, paper produced for the Donors’ Local Consultative Group on Finance, Dhaka, Bangladesh.

Acclassato, D. (2006) Microfinance Institutions under Interest Rates Ceilings, preliminary version, Laboratoire d’Economie d’Orléans (LEO), Université d’Orléans.

Annim, S. (2011) Sensitivity of Loan Size to Lending Rates: Evidence from Ghana's Microfinance Sector, Working Paper No. 2011/03, Helsinki, Finland: UNU-WIDER.

Bidwell, K. (2009) ‘Addressing agricultural risks: review of ongoing microinsurance field experiments in Ghana’, paper presented at the Fifth International Conference on Microinsurance, Dakar, Senegal, 3-5 November 2009.

Campion, A., Ekka, R. and Wenner, M. (2010) Interest Rates and Implications for Microfinance in Latin America and the Caribbean, Washington, DC: Inter-American Development Bank Institutional Capacity and Finance Sector.

GAP (2002) Microcredit Interest Rates, CGAP Occasional Paper No.1, Washington, DC: CGAP.

Collins, D., Morduch, J., Rutherford, S. and Ruthven, O. (2009) Portfolios of the Poor: How the World's Poor Live on $2 a Day, Princeton, NJ: Princeton University Press.

Cull, R., McKenzie, D. and Woodruff, C. (2007) ‘Experimental evidence on returns to capital and access to finance in Mexico’, manuscript.

Dehejia, R., Montgomery, H. and Morduch, J. (2005) Do Interest Rates Matter? Credit Demand in the Dhaka Slums, ADB Institute Discussion Paper No. 37, MPRA Paper 33146, Munich, Germany: University Library of Munich.

Economist Intelligence Unit (2012) Global Microscope on the Microfinance Business Environment 2012 [pdf], Economist Intelligence Unit, The Economist Group <www.ifc.org/wps/wcm/connect/467a47804ce326f793afd7f81ee631cc/EIU_MICROFINANCE_2012_PRINT.pdf?MOD=AJPERES≯ [accessed 25 November 2013]. www.ifc.org/wps/wcm/connect/467a47804ce326f793afd7f81ee631cc/EIU_MICROFINANCE_2012_PRINT.pdf?MOD=AJPERES

Egyptian Financial Supervisory Authority (EFSA) (2010) ‘Microfinance in Egypt brief overview of current status’, Cairo: Egyptian Financial Supervisory Authority.

Fernando, N. (2006) Understanding and Dealing with High Interest Rates on Microcredit, a Note to Policy Makers, in the Asia and Pacific Region, Manila, Philippines: ADB Publication.

Gaul, S. (2011) Defining Responsible Financial Performance: The Role of Profits, MicroBanking Bulletin, Washington, DC: Microfinance Information Exchange (MIX).

Gobezie, G. (2004) Subsidizing Microcredit Interest: How Important is it to the Poor? INAFI Digest, Dakar, Senegal: INAFI.

Goldstein, M. and Udry, C. (1999) Agricultural Innovation and Resource Management in Ghana, manuscript, Washington, DC: International Food Policy Research Institute.

Hashemi, S. and Rosenberg, R. (2006) Graduating the Poorest into Microfinance: Linking Safety Nets and Financial Services, CGAP Focus Note No. 34, Washington, DC: CGAP.

Helms, B. and Reille, X. (2004) Interest Rate Ceilings and Microfinance: The Story so Far, CGAP Occasional Paper No. 9, Washington, DC: CGAP.

Jansson, T. and Wenner, M. (1997) Financial Regulation and Its Significance for Microfinance in Latin America and the Caribbean, Washington, DC: Sustainable Development Department, Inter-American Development Bank.

Jenkins, H. (2006) The Impact of Regulation of MFIs on Micro-lending in Senegal, North Cyprus, Turkey: Department of Banking and Finance, Eastern Mediterranean University.

Karlan, D. and Zinman, J. (2008) ‘Credit elasticities in less-developed economies: implications for microfinance’, American Economic Review 98(3): 1040-68.

King, E. (2008) ‘Vietnam's decree on microfinance: a flawed attempt to create an enabling legal environment for microfinance’, Pacific Rim Law & Policy Journal 17(1): 187-207.

Mersland, R. and Strøm, R. Øystein (2010) ‘Microfinance mission drift?’ World Development 38(1): 28-36 <http://dx.doi.org/10.1016/j.worlddev.2009.05.006≯.

Morduch, J. (2000) ‘The microfinance schism’, World Development 28(4): 617-29 <http://dx.doi.org/10.1016/S0305-750X(99)00151-5≯.

Paul, M. (2010) ‘Bridging the gap to the microfinance promise: a proposal for a tax-exempt microfinance hybrid entity’, New York University Journal of International Law and Politics 42(4): 1383.

Payne, B. and Skinner, G. (2010) ‘Microfinance regulation: interest rate caps and concept of usury’, Selected Works of Gray L. Skinner [website] <http://works.bepress.com/gray_skinner/1≯ [accessed 25 November 2013]. http://works.bepress.com/gray_skinner/1

Podestà, F. (2002) Recent Developments in Quantitative Comparative Methodology: The Case of Pooled Time Series Cross-section Analysis, DSS Papers, Soc 3-02.

Policis (2004) The Effect of Interest Rate Controls in Other Countries [pdf], Department for Business, Innovation and Skill, UK Government <http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/ccp/topics1/pdf1/creditpolicis1.pdf≯ [accessed 25 November 2013]. http://webarchive.nationalarchives.gov.uk/+/http://www.dti.gov.uk/ccp/topics1/pdf1/creditpolicis1.pdf

Porteous, D. (2006) Competition and Microcredit Interest Rates, CGAP Focus Note 33, Washington, DC: CGAP.

Rosenberg, R., Gonzalez, A. and Narain, S. (2009) The New Moneylenders: Are the Poor Being Exploited by High Microcredit Interest Rates? CGAP Occasional Paper No. 15, Washington, DC: CGAP.

Rosenberg, R., Gaul, S., Ford, W. and Tomilova, O. (2013) Microcredit Interest Rates and Their Determinants, Access to Finance Forum Reports by CGAP and its Partners No. 7, Washington, DC: CGAP.

Sanabel (2010) ‘Microfinance industry profile: Egypt’, Giza, Egypt: The Microfinance Network for Arab Countries, Sanabel.

Sanabel and MIX Market (2012) 2011 Middle East and North Africa Regional Snapshot [pdf], MIX and Sanabel <www.themix.org/sites/default/files/2011%20MENA%20Regional%20Snapshot_0.pdf≯ [accessed 25 November 2013]. www.themix.org/sites/default/files/2011%20MENA%20Regional%20Snapshot_0.pdf

Islam, Z., Porporato, M. and Waweru, N.(2011) ‘Cost structure and sustainability in microfinance institutions: the potential effects of interest rate cap in Bangladesh’, Social Science Research Network Working Papers Series <http://dx.doi.org/10.2139/ssrn.1909248≯.

Wright, D. and Alamgir, D. (2004) Microcredit interest rates in Bangladesh ‘Capping v Competition’, paper produced for the Donors’ Local Consultative Group on Finance, Dhaka, Bangladesh.