Russia unexpectedly cut benchmark interest rates

Russia has unexpectedly cut benchmark interest rates amid concerns over an impending recession.

The one-week auction rate was reduced to 15% from 17 %, the central bank said in a statement on its website Friday. Most analysts had predicted no change.

“Further inflation pressure will be contained by a decrease in economic activity,” policy makers said in the statement.

The ruble weakened beyond 70 against the dollar.