MOSCOW, July 31 (UPI) -- The Central Bank of Russia (CBR) cut its key interest rate by 50 basis points Friday as the ruble continues to show weakness.
In a statement, the bank said it took the decision "taking into account that the balance of risk shifts toward the considerable economy cooling despite a slight increase in inflation risks."
CBR cut the key interest rate from 11.5 percent to 11.0 percent and underscored that economic growth remains a priority. It marks fifth consecutive rate cut this year, Russia Today reported.
Inflation in Russia has reported to be at 15.3 percent in July, and unemployment increased by 14 percent.
"It is probably premature to say that all of the risks have already been minimized and we'll soon be enjoying at last a period of recovery," Deputy Economy Minister Nikolay Podguzov said at a St. Petersburg banking conference in July.
The economy has been so tough that shoplifting increased in 2014, according to data collected by the Federal Tax Service.
On Wednesday, CBR announced it was halting purchases of foreign currency to replenish the country's international reserves.
Also last week CBR announced it is planning a new rating agency that is expected to start work during the fourth quarter of 2015.
