RTTNews - In a bid to boost the economy, Russia's Central Bank on Friday lowered its key interest rate to 11% from 11.5%, the fourth cut in less than three months. The new rate will be effective from July 13.

In June, the central bank lowered the rate to 11.5% from 12%.

The Russian economy contracted 9.8% in the first quarter of 2009 compared to the previous year. The government forecasts an economic contraction of between 6% and 8% this year.

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