Russia's Central Bank Cuts Lending Rate

Russia's central bank has cut its main lending rate for the first time in almost a year, signaling confidence that inflation risks are declining and describing an economic recovery as "imminent."

The bank cut the rate by a half-point to 10.5 percent, the first cut since July 2015.

Explaining its decision on June 10, the bank said that it "notes the positive trends of more stable inflation, decreased inflation expectations and inflation risks against the backdrop of imminent growth recovery in the economy."

The rate cut comes at a time when Russia's economy, hit in the past few years by plunging oil prices and Western sanctions over the Ukraine crisis, is now showing signs that the worst is behind it.

Analysts say the Russian economy is being helped by an unexpectedly strong rebound in global oil prices and a plunge in inflation that is helping to support living standards.

Based on reporting by Reuters and Interfax