The Russian banking sector is facing an annus horribilis with as many as 20% at risk of folding as the country’s economic crisis takes its toll. The Center for Macroeconomic Analysis and Short-Term Forecasting estimates that as many as 200 banks face collapse this year as a combination of bad loans and falls in the value of the ruble punish small- and mid-sized firms, Russian business daily Vedomosti reports. With the Russian economy forecast to contract by around 3.5% this year, according to the International Monetary Fund (IMF), as the impact of the collapse in crude oil prices and international …read more
Source: Business Insider
