Mongolia Diagnostic Review of Consumer Protection and Financial Literacy
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.
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Format: | Report biblioteca |
Language: | English en_US |
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World Bank, Washington, DC
2012-12
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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 https://hdl.handle.net/10986/26062 |
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dig-okr-10986260622024-08-07T19:45:30Z Mongolia Diagnostic Review of Consumer Protection and Financial Literacy Монгол Улс - Хэрэглэгчийн эрх ашгийг хамгаалах, санхүүгийн суурь боловсролын өнөөгийн байдлын оношлогоо дүгнэлт 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 Rapport Informe http://documents.worldbank.org/curated/en/344651486022452873/Key-findings-and-recommendations https://hdl.handle.net/10986/26062 English en_US CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo World Bank application/pdf text/plain World Bank, Washington, DC |
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financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution |
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financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution World Bank Mongolia Diagnostic Review of Consumer Protection and Financial Literacy |
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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 |
topic_facet |
financial consumer protection financial literacy legal framework regulation financial institutions disclosure dispute resolution |
author |
World Bank |
author_facet |
World Bank |
author_sort |
World Bank |
title |
Mongolia Diagnostic Review of Consumer Protection and Financial Literacy |
title_short |
Mongolia Diagnostic Review of Consumer Protection and Financial Literacy |
title_full |
Mongolia Diagnostic Review of Consumer Protection and Financial Literacy |
title_fullStr |
Mongolia Diagnostic Review of Consumer Protection and Financial Literacy |
title_full_unstemmed |
Mongolia Diagnostic Review of Consumer Protection and Financial Literacy |
title_sort |
mongolia diagnostic review of consumer protection and financial literacy |
publisher |
World Bank, Washington, DC |
publishDate |
2012-12 |
url |
http://documents.worldbank.org/curated/en/344651486022452873/Key-findings-and-recommendations https://hdl.handle.net/10986/26062 |
work_keys_str_mv |
AT worldbank mongoliadiagnosticreviewofconsumerprotectionandfinancialliteracy AT worldbank mongolulshéréglégčijnérhašgijghamgaalahsanhүүgijnsuurʹbolovsrolynөnөөgijnbajdlynonošlogoodүgnélt AT worldbank volume1keyfindingsandrecommendations |
_version_ |
1809106297361006592 |