Summary
Booming hydrocarbon exports, GDP rising at over 7% a year and a rapidly growing middle class -- all of these factors and more have made Russia a good place to be a banker in recent years. Domestic banks report record profits while international banks pour money and people into their Russian operations. Money from the natural resources boom has trickled down unevenly, and whole sections of Russian society have been left out entirely. The Russian banking sector remains distorted by peculiar factors but increasingly the transmission of money from savers to borrowers is being conducted in a manner that would be recognized elsewhere in the developed world.
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Extract
Rapid Reversal
Booming hydrocarbon exports, GDP rising at over 7% a year and a rapidly growing middle class-all of these factors and more have made Russia a good place to be a banker in recent years. Domestic banks report record profits while international banks pour money and people into their Russian operations.
It wasn't always thus. Walking Moscow's streets these days, it is sometimes hard to remember that it has been less than a decade since the country defaulted in its international debt, the stock market...See the full content of this document
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