Russia's central bank cut its key interest rate once again on Monday, in a further bid to stimulate economic growth in the country.
Led by Governor Elvira Nabiullina, the Central Bank of Russia (CBR) cut interest rates by 100 basis points to 11.5 percent, in line with analyst expectations. It is the fourth consecutive month that it has opted to do so.
In a statement, the bank said it was, "taking account of lower inflation risks and persistent risks of considerable economy cooling."
It comes after the bank raised the rate to a lofty 17 percent in December 2014 in an attempt to deal with the runaway inflation brought about by the weakened ruble.
Russia's currency has experienced a rollercoaster ride over the last year, losing half of its value against the dollar as investors dumped the currency after international sanctions were imposed on Russia for its role in the uprising in Ukraine and annexation of Crimea.