Russia's central bank lowered its key interest rate to 11% on Friday and said it saw room for more cuts this year, as inflation slows from more than 20-year highs and the economy is about to contract.
It announced the move at an extraordinary meeting after cutting the key rate to 14% in April, weeks after an emergency rate increase to 20% triggered by Russia's move to send tens of thousands of troops into Ukraine on Feb. 24.
The central bank said external conditions for the Russian economy are still challenging but financial stability risks have somewhat decreased, opening room for easing of some capital control measures. The rouble showed limited reaction to the central bank's move, extending intraday losses and sliding to 60.90 against the dollar, down 2.7% on the day .
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