‘In Russia, the inflation rate reached 8.7% in the first half of 2008; these growing figures mean the banks have to raise their interest rates on loans, which, in its turn, might affect their lending business badly,’ Ural Treasures Bank’s executive Konstantin Yushkov said to UrBC.

Konstantin Yushkov reported banks with access to inexpensive long-term resources that could afford to face a price war were best prepared for the possible problems.