Reserve Requirements Reduced

The Central Bank slashed all reserve requirements for banks to 0.5 percent starting Wednesday in a move to promote stability on domestic financial markets and to boost liquidity amid the global credit crunch.

The bank last cut reserve requirements Sept. 17. The latest reductions will remain in place until Feb. 1, 2009, when the bank will raise requirements for all types of liabilities to 1.5 percent, followed by a hike to 2.5 percent on March 1, the Central Bank said Tuesday.

The rate for individual liabilities was previously set at 1.5 percent, for foreign bank liabilities at 4.5 percent and other liabilities at 2 percent.

n The ruble was little changed at 30.40 against its euro-dollar basket, from 30.41 on Monday. It strengthened 0.3 percent to 26.10 per dollar, from 26.19, and slipped 0.2 percent to 35.64 per euro, from 35.56.