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Russian central bank cuts reserve requirements to free up 2.7 trln roubles

Russian central bank cuts reserve requirements to free up 2.7 trln roubles
Russian central bank cuts reserve requirements to free up 2.7 trln roubles   -   Copyright  Thomson Reuters 2022
By Reuters

MOSCOW – The Russian central bank on Wednesday said it was cutting banks’ reserve requirements, a move that will enable them to release more money to customers and businesses at a time when the economy is being slammed by Western sanctions.

The central bank said the move would cut the amount of banks’ mandatory reserves by 2.7 trillion roubles ($26.19 billion).

($1 = 103.1000 roubles)