The Central Bank of Russia (CBR) kept its interest rate unchanged at 11.0% on Friday. This decision was not expected by analysts. Analysts had expected the interest rate cut.

But the central bank noted that it is ready to lower its interest rate further.

"As inflation slows down in line with the forecast, the Bank of Russia will continue with a downward revision of its key rate, at one of its forthcoming Board of Directors meetings. In making its rate decisions, the Bank of Russia will be guided by changes in the balance between inflation risks and the risks of economy cooling," the CBR said.

The central bank cut its interest rate five times in 2015.