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Central & eastern EuropeSeptember 1 2017

Adapting to the ‘new normal’ in Russian banking

As the Russian economy recovers, the new equilibrium brings fresh challenges to the financial sector. Stefanie Linhardt finds out how the management at many of the country's leading banks are adapting to this environment at the International Financial Congress in St Petersburg.
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Russia’s economy is set to recover in 2017 – but the new state of affairs brings new challenges for the banking sector. After two years of recession, the Russian government and international organisations are forecasting a mild increase in gross domestic product for the year.

The International Monetary Fund (IMF) expects 1.4% growth in the country in 2017, putting the economy back to pre-2013 levels at constant prices. Economic growth is estimated to remain slow, with rates at similar levels going forward, but this still is a welcome change.

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