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The Determinants of Interest Rate Spread in Liberian Financial Sector

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The Determinants of Interest Rate Spread in Liberian Financial Sector The Determinants of Interest Rate Spread in Liberian Financial Sector By Samwar Samzato Fallah A Research project submitted in partial fulfillment of the requirement for the award of the master degree of business administration (Finance option) of the University of Nairobi October 2012 DECLARATION I declare that this project is my original work and has not been presented for an award of a degree in any other University. Signed:………………………………. Date: ………………………….. SAMWAR SAMZATO FALLAH D61/60877/2011 This research project has been submitted for examination with my approval as the University Supervisor. Signed:………………………… Date:…………………………. Dr. Josiah O. Aduda Supervisor Department of Finance and Accounting School of Business University of Nairobi i DEDICATION This project is dedicated to my parents, Mr. Augustus N. Fallah and Mrs. Kuluku K. Fallah both of whom made my educational sojourn a success and without their parental guidance I wouldn‘t have reached this far. ii ACKNOWLEDGEMENT I express my sincere gratitude and appreciation to my Supervisor, Dr. Josiah O. Aduda for his support and guidance throughout the study. I also acknowledge the support of Mr. Rudolph T. Johnson of the Liberian Bank for Development and Investment who assisted in gathering the data for the study from Liberia. My appreciation also goes to Mr. Alps Briants Fallah and Mrs. Mary M. Fallah, whom I consider my guidance for of their numerous contributions to my education. I also acknowledge the Government of the Republic of Liberia through the General Auditing Commission of Liberia but most especially to Mr. John SembeMorlu, II, former Auditor General of the Republic of Liberia whose tireless efforts made my scholarship program at the University of Nairobi, a resounding success. Mr. Morlu was not only my boss but a mentor, a father and a best friend. There are several individuals who aided by study at the University of Nairobi including my son, Samwar S. Fallah, II, his mother Miss Odell M. Wilson, Josephine T. George, Moses B. Togbah, Festus S. Poquie, Adolphus Kumeh, D. Adolphus Karnuah, II, Mr. D. W. Robert Kpadeh, II, Uncle Stanley Kpan. My Aunty Mae Azango who made financial contribution to me besides the General Auditing Commission of Liberia salary during my stay at the University of Nairobi and her assistances also made my study a success. I am also very grateful to my aunties, uncles and others who also one way or the other provided some level of support in my academic struggle including: Mr. Jacob Johnson, Mary Kwipue, Annie Fallah, Cecelia Fallah, Daka Fallah, Neamon Fallah, Boley Fallah, Datuah Fallah, Kahn Fallah and many others. My brothers and sisters including Shelly Kandakai, Rose Johnson, Verline Fallah, Teddy Girl Fallah, Addita Fallah, G. Derrick Fallah, Melvina Fallah, Alps Briants Fallah, II, Evance Fallah, Jacob Fallah, Leaseh Fallah, Mercy Fallah, their brother and sisterly words of encouragements led to my success. iii ABSTRACT Financial reform predicts achievement of efficiency in the intermediation process and reduced transaction costs, which is proxied by a narrowing wedge between the lending and deposit rates. Liberia‘s experience shows a rise in interest rate spread during the financial reform and subsequent financial liberalization process, which suggests the failure to meet the prerequisites for successful financial liberalization. Interest rates were liberalized amidst much pressure, declining economic growth, financial instability as a result of years of civil crisis, the failure to sustain fiscal discipline and lack of proper sequencing of the shift to use monetary policy tools. The objective of this study was to examine the determinants of interest rate spread in the financial sector of Liberia and methodology the study was designed using various factors that are used to determine the gap between lending and deposit interest rate. At the micro level, this research results show that when the profit margin is threatened, banks sustain a widening spread. The accumulation of non-performing loans results from a weak legal system and a poor business environment that squeezes the profit margin, and banks respond by increasing the lending rate. Policy actions also affect the spread. An asymmetric response is indicated with the foreign exchange rate where lending rates increase with the foreign exchange rate between the Liberian dollars and United dollars rate, and become sticky downward when the foreign exchange lower between the two currencies. The Central Bank of Liberia responded to the widening gap in interest rate by publishing the interest rates on both deposits and lending that must be maintained by Commercial banks but in the absence of ensuring that factors that lead to the widening gap are addressed, some commercial banks could not adhere to the published interest rates by the Central Bank. The Central bank also indicated that it is contemplating adjusting the gap between lending and deposit interest rates, thereby reducing general and substandard provisions by one (1%) percent and five (5%) percent respectively. The CBL also indicated that it intends to introduce a stimulus loan package of Five Million United States Dollars (US$5,000,000) to commercial banks at the rate of three (3%) percent for lending to Liberian business at the rate of not more than eight (8%) percent per annual. iv TABLE OF CONTENTS DECLARATION........................................................................................................... i DEDICATION.............................................................................................................. ii ACKNOWLEDGEMENT ......................................................................................... iii ABSTRACT ................................................................................................................. iv LIST OF TABLES ....................................................................................................... ii LIST OF ABBREVIATIONS ................................................................................... iii CHAPTER ONE .......................................................................................................... 1 INTRODUCTION........................................................................................................ 1 1.1 Background of the Study .......................................................................................... 1 1.1.1 Interest Rate Spread .......................................................................................... 4 1.1.2 Background of Liberia‘s Financial Sector ........................................................ 5 1.1.3 Commercial Banks ............................................................................................ 6 1.1.4 Microfinance Sector Development in Liberia ................................................... 7 1.1.5 Credit Unions .................................................................................................... 8 1.2 Problem Statement ................................................................................................... 8 1.3 Objective of the Study ........................................................................................ 10 1.4 Significance of the Study ....................................................................................... 10 CHAPTER TWO ....................................................................................................... 12 LITERATURE REVIEW ......................................................................................... 12 2.1 Introduction ............................................................................................................ 12 2.2 Theoretical Background on Determinants of Interest rate Spread ......................... 12 2.2.1 Financial Intermediation ................................................................................. 12 2.2.2 The Loanable Funds Theory ........................................................................... 13 2.2.3 Theory of Delegated Monitoring of Borrowers .............................................. 13 2.2.4 Term Structure of Interest Rates ..................................................................... 14 2.2.5 Exchange Rate Theories .................................................................................. 15 2.2.6 The Asset Approach ........................................................................................ 16 2.2.7 Sterilization ..................................................................................................... 16 2.2.8 Exchange Rate and the Trade Balance ............................................................ 17 2.3 Review of Empirical Studies ................................................................................. 17 2.4 Conclusion ............................................................................................................. 19 v 2.5 Determinants of Interest Rate Levels and Spread .................................................. 19 2.5.1 Introduction ..................................................................................................... 19 2.5.2 Demands for Bank Loans ................................................................................ 19 2.5.2 Subprime Nature of Borrowers ....................................................................... 20 2.5.3 Overhead Cost of Operations .......................................................................... 21 2.5.4 Staff Cost
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