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Report: South Korean banks ask for cut in reserve ratio

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Report: South Korean banks ask for cut in reserve ratio

South Korean banks want the country's central bank to cutthe minimum reserve ratio in response to an economic slowdown, Reuters reportedMay 4.

Banks in April asked Bank of Korea Governor Lee Ju-yeol to consider cuttingthe 7% requirement, a Korea Federation of Banks official told the news service.

Lee said the central bank would consider the request but nodecision has been made, according to the official.

The reserve ratio was last raised in 2006 from 5%.