Fri Jan 30, 2015 5:53am EST
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MOSCOW Jan 30 (Reuters) - Russia's central bank cut its key interest rate on Friday, defying expectations of a hold, as the economy slides towards recession because of a collapse in global oil prices and Western sanctions over the Ukraine crisis.
The central bank said in a statement that it was reducing its one-week minimum auction repo rate by two points to 15 percent, adding that it saw conditions for lower inflation in the medium term.
This follows its decision to increase the rate by 6.5 points to 17 percent at an emergency meeting in mid-December provoked by a run on the rouble.
Analysts had expected the bank to hold rates this month, as the bank had previously said it would cut rates when inflation is on a sustained downward trend. Inflation has instead been shooting up as a result of the slide in the rouble.
Following the decision, the rouble fell, and was down over 3 percent on the day against the dollar and euro at 1045 GMT.
In its statement, the bank said that inflation in annual terms had reached 13.1 percent as of Jan. 26, but it expected it to fall below 10 percent by January 2016.
The bank said that it expected gross domestic product to fall by 3.2 percent in annual terms during the first half of 2015, following growth of 0.6 percent in 2014. (Reporting by Alexander Winning, Katya Golubkova, Jason Bush, Vladimir Soldatkin, Lidia Kelly and Elizabeth Piper, Editing by Timothy Heritage)
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