Scandinavian Year-End Forex Earnings Reflect Turbulent Q3

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COPENHAGEN--Year-end results from the Scandinavian banks reflect mixed fortunes due to turbulence in the emerging markets during the third quarter of last year, say market officials.

The impact of the Russian rouble devaluation and debt moratorium in August last year destabilized the Scandi bloc currencies forcing interest rates hikes across the region. The volatility reflected perceived exposure of the Scandi banks to the Russian market.

A number of the banks in the region had recently expand