Russia: The central bank raises reserve requirements further
This morning the Russian central bank (CBR) has announced today that from July 1 it will raise its compulsory reserve requirements for commercial banks to 5.0% from 4.5% for retail deposits in roubles, to 7.0% from 5.5% for banks’ liabilities to non-resident banks and to 5.5% from 5.0% for other bank liabilities. The CBR cited worries over inflation and excessive credit growth as the main reasons for tightening reserve requirements.
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