November 26, 2013 / 9:17 AM / 5 years ago

Croatia's central bank to cut reserve rate to boost credit -reports

ZAGREB, Nov 26 (Reuters) - Croatia’s central bank plans to release around 4 billion kuna ($707.05 million) to boost credit in the European Union’s newest member after five years without economic growth, local media reported on Tuesday.

Under the move, to take effect in December, the central bank would cut its mandatory reserves rate to 12 percent from the current 13.5 percent, the reports in two of the countries biggest daily newspapers said.

Central bank officials were not immediately available for comment. ($1 = 5.6573 Croatian kunas) (Reporting by Igor Ilic; editing by Patrick Graham)

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