The central bank of Russia, lowered its benchmark interest rate for the ninth month since April as it is trying to lower speculative bets on the ruble and provide tranquility in the financial system so that there will be more loans provided to businesses and households.

Bank Rossii lowered the refinancing rate to 9% from 9.5% while also cutting the repurchase rate charged on central bank loans to 8% from 8.5 percent. Rates were reduced since it wishes the narrower difference between the levels of domestic and external rates will help stem the ruble's strengthening.