Russian Banks See Profits Drop in September Amid Rate Hikes and Slowing Lending
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Russian banks' profits dropped in September as interest rates rose and consumer lending slowed.
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The central bank raised interest rates sharply in August and September to defend the rouble.
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Banks are still on track for record annual profits in 2022.
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New capital controls requiring exporters to sell foreign currency took effect this week.
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Household foreign currency funds continued to decline in September as people converted to roubles.
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