Russian corporate banking recovers despite sanctions and oil price fall, governor says
Bank of Russia ready to expand for large-scale forex operations if oil price falls
Russia's banking sector is improving despite the effects of the lower oil price and financial sanctions, Bank of Russia governor Elvira Nabiullina said on November 13.
In the first 10 months of 2015, Russian bank deposits had grown by 14.2% in real terms, Nabiullina said in a speech to deputies of the Russian duma (parliament), reversing the previous year's slump in deposits.
Corporate lending by banks had grown 7.1% in real terms over the same period, she said. Bank lending to "certain sectors"
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