Other Financial Accountability Study

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  • Publication
    Mongolia Diagnostic Review of Consumer Protection and Financial Literacy: Volume 1. Key Findings and Recommendations
    (World Bank, Washington, DC, 2012-12) World Bank
    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.
  • Publication
    Financial Literacy and Consumer Awareness Survey in the West Bank and Gaza
    (World Bank, Washington, DC, 2011-07) Riyada Consulting and Training
    This study of financial literacy and consumer financial awareness of the Palestinian people was conducted via a literature review and a comprehensive household survey in the West Bank and Gaza in 2011. It was commissioned by the World Bank (WB) under the global program on consumer protection and financial literacy (CPFL) that was launched in 2010 to help targeted countries achieve better consumer protection in financial services. The survey focuses on key segments of the financial services sector such as banking, insurance, and microfinance, and it was designed with the goal of contributing to the development of the financial markets and national development agenda of the West Bank and Gaza. The main objective of the survey is to evaluate the levels of financial awareness and familiarity with financial services providers, attitudes, and opinions regarding the financial markets, household management of financial resources, and use of financial services. The survey subsequently aims to identify appropriate methods for expanding consumer education and strengthening consumer rights in the West Bank and Gaza. The collected data can be used to develop a toolkit for financial services and consumer protection in the West Bank and Gaza.
  • Publication
    Financial Literacy in Bosnia and Herzegovina: Analytical Report
    (World Bank, Washington, DC, 2011-06) Bagić, Dragan
    The survey on financial literacy among the citizens of Bosnia and Herzegovina was conducted within a larger project that aims at creating the Action Plan for Consumer Protection in Financial Services. The conclusion about the need for an Action Plan was reached by the representatives of the World Bank, the Federal Ministry of Finance, the Central Bank of Bosnia and Herzegovina, private sector supervisory authorities and non-governmental organizations, based on the World Bank’s 2009-2010 Diagnostic Review in Bosnia and Herzegovina. The financial literacy survey, whose results are presented in this report, aims at establishing the basic situation with respect to financial literacy, serving on the one hand as a preparation for the educational activities plan, and on the other as a basis for measuring the efficiency of activities undertaken. The first section of the study deals with financial literacy and its various aspects. Based on these data, the Financial Literacy Index was derived (a single-dimension composite scale of financial knowledge and capability). Next sections deal with managing everyday financial choices (saving, covering shortages etc.) in the context of general household financial situation. Data collection was based on a random, nation-wide sample of citizens of Bosnia and Herzegovina aged 18 or older (N = 1036).
  • Publication
    Bosnia and Herzegovina Diagnostic Review of Consumer Protection and Financial Literacy in Banking Services: Volume 2. Comparison with Good Practices
    (World Bank, Washington, DC, 2011-04) World Bank
    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.