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The Central Bank of Russia has decided to raise
The Central Bank of Russia has decided to raise from July 1 the reserve requirements for credit institutions by 0.5-1.5% in a bid to stem inflation, the CBR said on Monday.

As Russia continues to reap benefits from high world oil prices amid a large influx of petrodollars, the decision aims to "reduce the rate of money supply growth and provide conditions for slower inflation," the CBR press office said.

The reserve requirements for credit institutions' national currency-denominated liabilities to individuals will be raised from 4.5% to 5% and the reserve requirements for credit institutions' other liabilities in the currency of the Russian Federation and foreign-currency denominated liabilities will rise from 5.0% to 5.5%, the press office said.

The reserve requirements for liabilities to nonresident banks denominated in the currency of the Russian Federation and foreign currencies will rise to 7.0% from 5.5%, the press office said.

Net capital inflow into Russia reached a record $82.3 billion in 2007, almost double the previous year's figure, Russia's Central Bank earlier said.


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