Russia's central cut its interest rate on Friday. The Central Bank of Russia (CBR) lowered the key rate by 1% to 14%. It was the second rate cut as the central bank lowered its interest rate to 15% from 17% at the end of January. This measure should boost the Russian economy.

The country's economy is hit by sanctions and the sharp drop in oil prices.

The Russian ruble strengthened against the U.S. dollar following the decision.

Russia's economy faces high inflation on the one side and a slowdown of growth on the other side.