Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 2. Review against Good Practices
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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| Format: | Report |
| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/161381493298696029/Review-against-good-practices http://hdl.handle.net/10986/26728 |
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okr-10986-267282021-04-23T14:04:37Z Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 2. Review against Good Practices World Bank CONSUMER PROTECTION FINANCIAL SERVICES LEGAL FRAMEWORK BANKING SECURITIES INSURANCE PENSIONS 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. 2017-05-23T19:10:50Z 2017-05-23T19:10:50Z 2011-01 Report http://documents.worldbank.org/curated/en/161381493298696029/Review-against-good-practices http://hdl.handle.net/10986/26728 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 LEGAL FRAMEWORK BANKING SECURITIES INSURANCE PENSIONS |
| spellingShingle |
CONSUMER PROTECTION FINANCIAL SERVICES LEGAL FRAMEWORK BANKING SECURITIES INSURANCE PENSIONS World Bank Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 2. Review against Good Practices |
| 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 2. Review against Good Practices |
| title_short |
Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 2. Review against Good Practices |
| title_full |
Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 2. Review against Good Practices |
| title_fullStr |
Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 2. Review against Good Practices |
| title_full_unstemmed |
Kazakhstan Diagnostic Review of Consumer Protection in Financial Services : Volume 2. Review against Good Practices |
| title_sort |
kazakhstan diagnostic review of consumer protection in financial services : volume 2. review against good practices |
| publisher |
World Bank, Washington, DC |
| publishDate |
2017 |
| url |
http://documents.worldbank.org/curated/en/161381493298696029/Review-against-good-practices http://hdl.handle.net/10986/26728 |
| _version_ |
1764462392445501440 |