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Understanding the Opportunities and Challenges of the Market_7

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Tham khảo tài liệu 'understanding the opportunities and challenges of the market_7', tài chính - ngân hàng, ngân hàng - tín dụng phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 232 Microfinance for Bankers and Investors Kazakhstan s Steep but Fragile Economic Ascent In terms of landmass Kazakhstan is the largest former Soviet republic. Its economy runs on oil and mineral extraction followed by agriculture. After the demise of the Soviet Union the government embarked on economic reform liberalized the financial sector and transferred assets to private hands. Between 2000 and 2008 the country s economy grew at 10 percent per year. This strong economic growth combined with government investment in pensions and other social benefits caused the poverty rate to drop from 39 percent in 1998 to about 20 percent in 2004.2 During this time the banking industry first blossomed with commercial banks proliferating and then consolidated. By 2003 three banks had a market share of 60 percent.3 Commercial bank lending was steadily increasing but loans to households were restricted due to lack of quality collateral and loans to small and medium enterprises had actually decreased over the previous three years. Macroeconomists such as those at the International Monetary Fund and USAID were concerned that the financial sector was not operating efficiently and that risks were increasing.4 The Credit Bureau Project Until this time Kazakhstan s only credit history database was a rudimentary system managed by the National Bank the country s central bank. Here loan and borrower information from banks was collected on a monthly basis. Unfortunately this information was collected without the permission of its subjects against best practice standards in the developed world.5 In 2001 USAID engaged the U.S. consulting firm Pragma Corporation to provide technical assistance to the Kazakh government for the formation of a credit bureau and rating agency. Pragma s initial feasibility study indicated that the market was large enough for a credit bureau to be financially sustainable. Mistrust and Competition One of Pragma s first tasks was building consensus among the .