RUSSIAN CENTRAL BANK WON’T CUT RESERVE LEVELS.

The Russian Central Bank willnot cut the new, higher reserve requirements that it had imposed on Russianbanks earlier this month, Moscow radio reported May 22. The Russian banks hadput enormous pressure on the Central Bank to do so, because the newrequirements have sharply cut into the banks’ profits. While this toughstance by the central authorities will be welcomed by international financialorganizations, it may mean that the powerful Russian banks will use theirinfluence in the Duma to scuttle the nomination of Yeltsin’s candidate tohead the Central Bank.

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