MOSCOW
The Bank of Russia has cut interest rates for the third time this year, the central bank has said.
The central bank said in a statement on Thursday that it had cut its key rate by 1.5 percentage points to 12.5 percent, and indicated it would cut rates further as the ruble recovered in value and inflation declined.
Russia's economy has been troubled by Western sanctions imposed over its role in the conflict in Ukraine, and by lower oil prices - but the economy has been stabilized, the bank said.
The ruble was up about 55 percent against the dollar on Thursday from record lows hit in December.
The move is expected to slow the rise in value of the currency, which is threatening the competitiveness of Russian companies.
