The Central Bank of Russia has cut the refinancing rate for the 9th time this year bringing it to 9% as of November 25. The repurchase rate is being cut from 8.5% to 8%.

The announcement comes with the Central Bank indicating that it is seeking to ease credit and stimulate lending but also to dampen the appreciation of the Rouble. In a statement it noted that it was seeking to avoid excessive currency volatility and speculative inflows, adding “The narrower difference between the levels of domestic and external rates will help stem the ruble’s strengthening.”

Scope for the rate cut also comes from the marked reduction in price pressures with October inflation falling to 9.7%, the lowest in more than 2 years, and the Central bank’s outlook for further falls.

“Lowering rates was made possible by favorable inflation trends and consistently falling inflationary expectations.”