Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations

The Mongolian economy has grown very rapidly following the discovery of significant mineral deposits. Large investments in the mining sector have led to increased capital inflows, resulting in cheap external funding for banks and rapid credit expan...

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Main Author:	World Bank
Format:	Report
Language:	English en_US
Published:	World Bank, Washington, DC 2017
Subjects:	financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution
Online Access:	http://documents.worldbank.org/curated/en/344651486022452873/Key-findings-and-recommendations http://hdl.handle.net/10986/26062

id	okr-10986-26062
recordtype	oai_dc
spelling	okr-10986-260622021-04-23T14:04:33Z Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations World Bank financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution The Mongolian economy has grown very rapidly following the discovery of significant mineral deposits. Large investments in the mining sector have led to increased capital inflows, resulting in cheap external funding for banks and rapid credit expansion. Loans to households increased at the staggering pace of 80 percent from 2010 to 2011, despite Mongolia’s history of banking crises. Loans to Small and medium sized enterprises (SMEs) have increased by some 65 percent in the same year. Although over 78 percent of adult Mongolians have accounts at formal financial institutions and over 61 percent have debit cards - far exceeding the average in the East Asia and Pacific region - in many respects the legal and regulatory framework and enforcement have not kept pace with the expansion of lending. Some important segments of the financial sector, such as securities and insurance, are still lagging due to low consumer awareness and low levels of savings. A number of reforms have been introduced to expand the financial services market but it is clear that consumer protection and financial literacy need to be addressed in a more systematic way. This World Bank’s diagnostic review provides a detailed assessment of the institutional, legal, and regulatory framework in three segments of the financial sector: banking, securities, and insurance. Volume I summarizes the key findings and recommendations of the review and volume II presents a detailed assessment of each financial segment compared to the good practices for financial consumer protection. 2017-02-14T15:49:49Z 2017-02-14T15:49:49Z 2012-12 Report http://documents.worldbank.org/curated/en/344651486022452873/Key-findings-and-recommendations http://hdl.handle.net/10986/26062 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 East Asia and Pacific Mongolia
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	financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution
spellingShingle	financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution World Bank Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations
geographic_facet	East Asia and Pacific Mongolia
description	The Mongolian economy has grown very rapidly following the discovery of significant mineral deposits. Large investments in the mining sector have led to increased capital inflows, resulting in cheap external funding for banks and rapid credit expansion. Loans to households increased at the staggering pace of 80 percent from 2010 to 2011, despite Mongolia’s history of banking crises. Loans to Small and medium sized enterprises (SMEs) have increased by some 65 percent in the same year. Although over 78 percent of adult Mongolians have accounts at formal financial institutions and over 61 percent have debit cards - far exceeding the average in the East Asia and Pacific region - in many respects the legal and regulatory framework and enforcement have not kept pace with the expansion of lending. Some important segments of the financial sector, such as securities and insurance, are still lagging due to low consumer awareness and low levels of savings. A number of reforms have been introduced to expand the financial services market but it is clear that consumer protection and financial literacy need to be addressed in a more systematic way. This World Bank’s diagnostic review provides a detailed assessment of the institutional, legal, and regulatory framework in three segments of the financial sector: banking, securities, and insurance. Volume I summarizes the key findings and recommendations of the review and volume II presents a detailed assessment of each financial segment compared to the good practices for financial consumer protection.
format	Report
author	World Bank
author_facet	World Bank
author_sort	World Bank
title	Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations
title_short	Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations
title_full	Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations
title_fullStr	Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations
title_full_unstemmed	Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations
title_sort	mongolia diagnostic review of consumer protection and financial literacy : volume 1. key findings and recommendations
publisher	World Bank, Washington, DC
publishDate	2017
url	http://documents.worldbank.org/curated/en/344651486022452873/Key-findings-and-recommendations http://hdl.handle.net/10986/26062
_version_	1764460848301998080

Mongolia Diagnostic Review of Consumer Protection and Financial Literacy : Volume 1. Key Findings and Recommendations

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