Russia's central bank on Friday cut its key interest rate to 20 percent -- down from a two-decade high of 21 percent -- as the economy slows and officials say months of rapid price rises are coming under control.

Russia’s Central Bank on Friday cut its key interest rate to 20% from a two-decade high of 21%, citing easing inflationary pressures and signs of an economic slowdown. The move marks the bank’s first rate cut since September 2022 and comes amid growing political pressure to ease borrowing costs,

Russian Central Bank Governor Elvira Nabiullina and her deputy Alexei Zabotkin addressed a news conference on Friday after the central bank cut its key rate to 20% from 21%.