Bosnia and Herzegovina Diagnostic Review of Consumer Protection and Financial Literacy in Banking Services : Volume 1. Key Findings and Recommendations
This diagnostic study exclusively covers consumer protection and financial literacy issues in the banking sector of Bosnia and Herzegovina (BiH). Household credit in BiH more than tripled in volume in 2003-2008, and in terms of GDP it expanded from...
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| Format: | Report |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/201021482473783572/Key-findings-and-recommendations http://hdl.handle.net/10986/25899 |
| Summary: | This diagnostic study exclusively covers
consumer protection and financial literacy issues in the
banking sector of Bosnia and Herzegovina (BiH). Household
credit in BiH more than tripled in volume in 2003-2008, and
in terms of GDP it expanded from 13 to 26 percent. Foreign
currency loans represented 10 percent of GDP. Official
statistics showed growth in the percentage of non-performing
loans since 2007. To strengthen consumer protection in the
banking sector in BiH, this review recommends measures in
five key areas: legislative and institutional reform,
consumer disclosure, business practices of banks, dispute
resolution mechanisms, and financial education. The main
tasks of this study have been: (1) to review the existing
rules and practices in BiH compared to international good
practices; (2) to provide recommendations on ways to improve
consumer protection and financial capability; and (3) to
refine a set of good practices prepared by the World Bank
for assessing consumer protection in banking services,
including financial capability. The Review is presented in
two volumes: Volume I describes BiH Government policy for
banking consumer protection, provides the banking sector
statistics, and sets out the key findings and
recommendations of the Review. Volume II provides an
assessment of the BiH consumer protection institutional and
legal framework and practices against the benchmark of Good
Practices for the banking sector. |
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