... rate is negative in 12 cases and negative and significant in 10 case. These are Benin, Gabon, Kenya, Madagascar, Mali, Mauritius, Nigeria, South Africa, Togo, and Tunisia. The impact of the ... multiplicative. Also, an increase in bank deposit rates, may lead to shifts among the components of the leakage such that the available informal credit remains intact. The Real Interest Rate and the ... determinant of financial saving. The relationship between financial saving and (C/M1) ratio is negative in 18 cases. This indicates that as this ratio increases (indicating an increase in the activities...