Publication:
Kazakhstan Diagnostic Review of Consumer Protection in Financial Services: Volume 2. Review against Good Practices

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dc.contributor.authorWorld Bank
dc.date.accessioned2017-05-23T19:10:50Z
dc.date.available2017-05-23T19:10:50Z
dc.date.issued2011-01
dc.description.abstractFrom 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.en
dc.identifierhttp://documents.worldbank.org/curated/en/161381493298696029/Review-against-good-practices
dc.identifier.doi10.1596/26728
dc.identifier.urihttps://hdl.handle.net/10986/26728
dc.languageEnglish
dc.language.isoen_US
dc.publisherWorld Bank, Washington, DC
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttp://creativecommons.org/licenses/by/3.0/igo
dc.subjectCONSUMER PROTECTION
dc.subjectFINANCIAL SERVICES
dc.subjectLEGAL FRAMEWORK
dc.subjectBANKING
dc.subjectSECURITIES
dc.subjectINSURANCE
dc.subjectPENSIONS
dc.titleKazakhstan Diagnostic Review of Consumer Protection in Financial Servicesen
dc.title.subtitleVolume 2. Review against Good Practicesen
dc.typeReporten
dc.typeRapportfr
dc.typeInformees
dspace.entity.typePublication
okr.crossref.titleKazakhstan Diagnostic Review of Consumer Protection in Financial Services
okr.date.disclosure2017-04-27
okr.date.doiregistration2025-05-07T08:53:36.058344Z
okr.doctypeEconomic & Sector Work::Other Financial Accountability Study
okr.doctypeEconomic & Sector Work
okr.docurlhttp://documents.worldbank.org/curated/en/161381493298696029/Review-against-good-practices
okr.guid161381493298696029
okr.guid496601493299268060
okr.guid808201493298327449
okr.guid483651493299040217
okr.identifier.externaldocumentum090224b084b100fc_1_0
okr.identifier.internaldocumentum27403309
okr.identifier.report114651
okr.importedtrue
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/161381493298696029/pdf/114651-v2-WP-PUBLIC-KazakhstanCPFLDiagReviewVolumeIIFINAL.pdfen
okr.region.administrativeEurope and Central Asia
okr.region.countryKazakhstan
okr.sectorFinance
okr.topicFinance and Financial Sector Development::Banks & Banking Reform
okr.topicFinance and Financial Sector Development::Financial Regulation & Supervision
okr.topicFinance and Financial Sector Development::Insurance & Risk Mitigation
okr.topicFinance and Financial Sector Development::Securities Markets Policy & Regulation
okr.topicLaw and Development::Financial Law
okr.topicSocial Protections and Labor::Pensions & Retirement Systems
okr.unitFinance & Markets - GP - IBRD (GFMDR)
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