The Russian central bank cut its key interest rate by one percentage point to 20%, its first easing since September 2022, in a surprise move on Friday. In a statement, the bank said economic growth was cooling down and inflation was slowing.

Russia's central bank on Friday cut its key interest rate to 20 percent -- down from a two-decade high of 21 percent -- as the economy slows and officials say months of rapid price rises are coming under control.

Russia’s Central Bank on Friday cut its key interest rate to 20% from a two-decade high of 21%, citing easing inflationary pressures and signs of an economic slowdown. The move marks the bank’s first rate cut since September 2022 and comes amid growing political pressure to ease borrowing costs,