ANKARA
Russia’s central bank on Friday cut its key interest rate for the second time in two months.
In a statement the bank said it cut the key rate by one percentage point to 14 percent.
The statement suggets that more cuts are to be expected in the near future, due to a "significant cooling of the economy."
The move shows a change in policy. The central bank in December hiked its overnight interest rate to 17 percent from 10.5 percent, to shore up the ruble which had plunged in value against major currencies at that time.
The ruble rose to 61.3 against the U.S. dollar after the rate cut, from about 61 to the greenback before the announcement.
