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Russian central bank cuts key rate by 1 percentage point

[MOSCOW] Russia's central bank cut its main interest rate by one percentage point on Monday as inflation eases and an economic downturn worsens.

The central bank said in a statement that it had lowered its one-week minimum auction repo rate to 11.5 per cent from 12.5 per cent previously.

Economists polled by Reuters had predicted the bank would cut its main lending rate by one percentage point.