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UPDATE 1-Russian central bank cuts key rate to 7%, indicates more cuts possible

possible@ (Adds detail)

* Russian cuts key rate to 7% from 7.25%

* Cites lower inflation, economic growth risks

* Rouble firms after rate cut

MOSCOW, Sept 6 (Reuters) - The Russian central bank cut its key interest rate to 7% on Friday in a widely expected move and said it would consider more cuts in the next few months amid slowing inflation and risks to economic growth.

It was the third rate cut this year and in line with market expectations. A majority of 25 analysts and economists who took part in a Reuters poll had predicted the central bank would trim the rate by 25 basis points.

"If the situation develops in line with the baseline forecast, the Bank of Russia will consider the necessity of further key rate reduction at one of the upcoming Board of Directors' meetings," the central bank said in a statement.

Consumer inflation, a key indicator for the central bank, slowed to 4.3% in August, nearing a 4% target. The central bank said it had lowered its year-end inflation forecast to 4.0-4.5% from 4.2-4.7%.

"Moving on, according to the Bank of Russia's forecast and taking into account the monetary policy stance, annual inflation will remain close to 4%," the central bank said.

The central bank has also revised some of its other forecasts, lowering its 2019 economic growth projection to 0.8-1.3% from an earlier expected 1.0-1.5%.

Elvira Nabiullina, governor of the central bank, cemented expectations of rate cuts earlier this year when she said in an interview with Reuters in July that the bank would like to complete the rate-cutting cycle by mid-2020, trimming the key rate in small steps.

The rouble firmed after the rate cut to 65.91 versus the dollar as of 1037 GMT from a level of around 66 versus the dollar seen before the rate cut.

Nabiullina will elaborate on the central bank's monetary policy at a news conference at 1200 GMT.

The next rate-setting meeting is scheduled for Oct. 25. (Reporting by Andrey Ostroukh and Maria Kiselyova Writing by Andrey Ostroukh Editing by Andrew Osborn)