Russia's Central Bank lowers key rate to 17% per annum

The Bank of Russia has cut the key rate for the third consecutive time, this time by 1%, bringing it down to 17% per annum, the regulator said in a statement.

"The board of directors of the Central Bank of Russia has again decided to lower the key rate, this time by 100 basis points from 18% per annum to 17% per annum," the statement reads.

On July 25, the CBR cut the key rate by 200 bps to 18% per annum from 20% per annum. On June 6, it decided to cut the rate for the first time in more than 2.5 years, by 100 bps from 21% per annum.

The Central Bank's board of directors will hold its next key rate meeting on October 24.