Bank Of Russia Cuts Rates For Second Time In 2015

The Bank of Russia on Friday cut interest rates for the second time in two months, saying the "balance of risks is still shifted towards a more significant cooling of the economy." The central bank cut its key rate to 14% from 15%, which was widely expected by economists. It also lowered its repo rate and deposit rate by a percentage point each to 15% and 13%, respectively. In December, Russia raised its key rate to 17% from 10.5% in a bid to stem a sharp decline in the ruble that was sinking to record lows against the dollar and euro. In January, the Bank of Russia cut the rate to 15%. The ruble eased back against the dollar on Friday, so that the greenback bought 61.377 rubles, up from 61.336 late on Thursday.