Brazil central bank to ease reserve requirements by $7.7 bln

BRASILIA, March 28 (Reuters) - Brazil's central bank said on Wednesday it would ease reserve requirements on savings and checking accounts in a move to free up some 25.7 billion reais ($7.7 billion) in the national financial system, according to a statement on the bank's website.

The central bank said the changes, which will take effect in late April or early May, would return reserve requirements on savings accounts to levels last seen before the 2008 global financial crisis in an effort to reduce borrowing costs.

($1 = 3.32 reais) (Reporting by Marcela Ayres Writing by Carolina Mandl; Editing by Sandra Maler)