The Russian central bank cut the Russian interest rate by 50 basis points from 10.5 to 10 percent in a continued effort to spur the Russian economy according to Bloomberg.
Although the Russian economy is officially out of recession, many agree that the move by the Russian central bank was critical to keep the Russian economy from slipping considering it slowed by as much as 10.9 percent in the second quarter of 2009.
The expectation is the Russian central bank will continue to cut Russian interest rates for the foreseeable future.
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