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

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)