Russia cuts for second time in a month

The Central Bank of Russia chopped a half point off its key rate on Wednesday, little more than a fortnight after its last cut.

The cut leaves the benchmark refinancing rate at 12%. It follows an earlier half-point cut on 24 April, which was the first since June 2007.

The central bank was forced to raise rates at the onset of the crisis in a bid to stem the sharp depreciation of the rouble and high inflation. Wednesday's move underline's the currency's recovery and a more optimistic outlook on

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