Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations

Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations

From 2004 to 2007, lending to households in Kazakhstan expanded rapidly at 116 percent average annual growth rate and reached 22 percent of GDP, with loans in foreign currency reaching 7 percent of GDP. The share of real estate lending doubled betw...

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Main Author: World Bank
Format: Report
Language:English
en_US
Published: World Bank, Washington, DC 2017
Subjects:
CONSUMER PROTECTION
FINANCIAL SERVICES
FINANCIAL LITERACY
DISCLOSURE
DISPUTE RESOLUTION
Online Access:http://documents.worldbank.org/curated/en/808201493298327449/Key-findings-and-recommendations
http://hdl.handle.net/10986/26727
id okr-10986-26727
recordtype oai_dc
spelling okr-10986-267272021-04-23T14:04:37Z Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations World Bank CONSUMER PROTECTION FINANCIAL SERVICES FINANCIAL LITERACY DISCLOSURE DISPUTE RESOLUTION From 2004 to 2007, lending to households in Kazakhstan expanded rapidly at 116 percent average annual growth rate and reached 22 percent of GDP, with loans in foreign currency reaching 7 percent of GDP. The share of real estate lending doubled between 2004 and 2007, amounting to 30 percent of GDP at end-2007.Following the global financial crisis and depreciation of the Kazakh tenge, the ratio of nonperforming loans to total loans in housing and mortgage increased from 5 percent in 2008 to 30 percent in 2010. This massive disruption highlighted the need for strong consumer protection and financial capability. Kazakh banks, which had relied extensively on capital market funding, attempted to shrink the credit portfolio and increase domestic deposits with limited success since most adult Kazakhs still have no access to formal financial services, due to low trust and low incomes. The government of Kazakhstan has developed a program to build confidence in the financial sector among investors and consumers. This World Bank’s diagnostic review, conducted in support of the program, is presented in two volumes. Volume I discusses the importance of financial consumer protection, summarizes the Kazakh government`s policy, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of financial consumer protection in the four key segments of the Kazakhstan’s financial sector—banking, securities, insurance, and private pensions. 2017-05-23T19:04:14Z 2017-05-23T19:04:14Z 2011-01 Report http://documents.worldbank.org/curated/en/808201493298327449/Key-findings-and-recommendations http://hdl.handle.net/10986/26727 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank World Bank, Washington, DC Economic & Sector Work :: Other Financial Accountability Study Economic & Sector Work Europe and Central Asia Kazakhstan
repository_type Digital Repository
institution_category Foreign Institution
institution Digital Repositories
building World Bank Open Knowledge Repository
collection World Bank
language English
en_US
topic CONSUMER PROTECTION
FINANCIAL SERVICES
FINANCIAL LITERACY
DISCLOSURE
DISPUTE RESOLUTION
spellingShingle CONSUMER PROTECTION
FINANCIAL SERVICES
FINANCIAL LITERACY
DISCLOSURE
DISPUTE RESOLUTION
World Bank
Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations
geographic_facet Europe and Central Asia
Kazakhstan
description From 2004 to 2007, lending to households in Kazakhstan expanded rapidly at 116 percent average annual growth rate and reached 22 percent of GDP, with loans in foreign currency reaching 7 percent of GDP. The share of real estate lending doubled between 2004 and 2007, amounting to 30 percent of GDP at end-2007.Following the global financial crisis and depreciation of the Kazakh tenge, the ratio of nonperforming loans to total loans in housing and mortgage increased from 5 percent in 2008 to 30 percent in 2010. This massive disruption highlighted the need for strong consumer protection and financial capability. Kazakh banks, which had relied extensively on capital market funding, attempted to shrink the credit portfolio and increase domestic deposits with limited success since most adult Kazakhs still have no access to formal financial services, due to low trust and low incomes. The government of Kazakhstan has developed a program to build confidence in the financial sector among investors and consumers. This World Bank’s diagnostic review, conducted in support of the program, is presented in two volumes. Volume I discusses the importance of financial consumer protection, summarizes the Kazakh government`s policy, and sets out the key findings and recommendations of the Review. Volume II provides an assessment of financial consumer protection in the four key segments of the Kazakhstan’s financial sector—banking, securities, insurance, and private pensions.
format Report
author World Bank
author_facet World Bank
author_sort World Bank
title Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations
title_short Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations
title_full Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations
title_fullStr Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations
title_full_unstemmed Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 1. Key Findings and Recommendations
title_sort kazakhstan diagnostic review of consumer protection in financial services : volume 1. key findings and recommendations
publisher World Bank, Washington, DC
publishDate 2017
url http://documents.worldbank.org/curated/en/808201493298327449/Key-findings-and-recommendations
http://hdl.handle.net/10986/26727
_version_ 1764462389315502080

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