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Surer footings

Despite its shortcomings, Russia’s banking sector appears to be stable enough to avoid a systemic crisis, even when faced with a worsening foreign economic environment. Andrey Kostin, CEO of Vneshtorgbank, explains.
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Presently, retail banking appears to be the most attractive and dynamic sector of the Russian banking market. Its rapid development is underpinned by high and sustained economic growth encouraged by current political stability, growing individual income and savings, an increasingly stable rouble, as well as restored confidence of the Russian population in the national banking system and domestic currency.

In 2003, individual time and demand deposits increased by more than 45% to reach RBS1,500bn ($52bn), with Russian rouble-denominated deposits rising from55% to 61%.

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