Russian central bank makes surprise interest rate cut

MOSCOW Fri Jan 30, 2015 5:41am EST

MOSCOW Jan 30 (Reuters) - Russia's central bank cut its key interest rate by two points to 15 percent on Friday, 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 it was reducing its one-week minimum auction repo rate, which had been 17 percent, seeing conditions for a reduction in inflation in the medium-term.

The bank hiked its key rate by a total of 11.5 percentage points last year in response to panic on the currency market and soaring inflation, which reached 11.4 percent in December. (Reporting by Alexander Winning, Katya Golubkova, Jason Bush and Lidia Kelly and Elizabeth Peiper, Editing by Timothy Heritage)

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