Baku, Azerbaijan, Dec. 19
By Nigar Guliyeva - Trend:
The Central Bank of Kazakhstan points to the need for further improvement and transparency of procedures for pricing financial products and financial services, as well as for creating mechanisms to reduce the cost of financial services in Kazakhstan.
This is stipulated in the Strategic Plan of the National Bank of Kazakhstan for 2017-2021, approved by the Chairman of the National Bank on Dec. 15.
The document notes that priority measures for protecting the rights of consumers of financial services are to ensure measures on easy accesses to financial services, reducing their cost, increasing public confidence in financial institutions and the services they provide.
Increasing financial accessibility should be considered from the point of view of increasing assortment, price and mental accessibility of financial services for consumers, the document says.
"Furthermore, ensuring accessibility and reducing the cost of financial services is impossible without increasing the financial literacy of the population. Under the Concept for the Development of the Financial Sector until 2030, one of the priorities for the development of the financial sector is to expand the coverage of the population and economic entities with financial services and increase the financial literacy of consumers of financial services," the document reads.
In this regard, within the implementation of the concept of development of Kazakhstan’s financial sector until 2030 and the anti-crisis action plan of the government and the National Bank of Kazakhstan to ensure economic and social stability for 2016-2018, a program to improve the financial literacy of the population in 2016-2018 was approved.
The main objectives of the Program are to form rational financial behavior among citizens of Kazakhstan in making decisions concerning personal finances and increasing the effectiveness of protecting their rights as investors and consumers of financial services.