Central bank to raise mandatory bank reserve requirements Jul 1

Central bank to raise mandatory bank reserve requirements Jul 1

MOSCOW, May 26 (Prime-Tass) -- The Central Bank of Russia (CBR) said Monday it had decided to raise the mandatory reserve requirements for banks starting from July 1.

In particular, the central bank plans to increase the reserve requirements for foreign banks' deposits at Russian banks to 7% from 5.5%, the requirements for ruble-denominated personal bank deposits to 7% from 4.5% and those for banks' other obligations to 5.5% from 5%, the CBR said.

The bank said the move was aimed at slowing inflation, which is likely to run in the double digits this year.