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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Sitemap Russia cuts key interest rate to new low AFP - 1 hour 22 minutes ago Send IM Story Print A man walks past a foreign exchange office Moscow. Russia's Central Bank announced Thursday it was cutting its key interest rate by a quarter of a point to a historic low of 8% in order to boost economic recovery. MOSCOW (AFP) - – Russia announced Thursday it was cutting its key interest rate by a quarter of a point to a new historic low of 8.0 percent but analysts said it could prove the last cut of the current easing cycle. The move, effective from Friday, marked the thirteenth cut of the refinancing rate in a row since April 2009 as the Central Bank seeks to hasten an upturn in a bid to boost a still-shaky economic recovery. It came as the government increased its growth forecast for 2010 to 4.0 percent but with concerns still present over the sustainability of the economic recovery in Russia. The Central Bank said in a statement that the recovery in Russia "remains unstable and the need remains to support the dynamic of internal demand." The cut is aimed "above all at further stimulating an increase in credit activity in the banking sector and, in the end, an increase in the accessibility of credit for the real (manufacturing) sector of the economy," it added. It added that favourable inflation conditions -- annual inflation dropped further to 6.1 percent this month from 6.5 percent in March -- created the right environment for the cut. The statement said the bank would consider the necessity of further rate cuts at its next meeting in May. But it said it did not exclude that inflation could start to tick higher in the second half of the year and a further analysis of consumer prices dynamics would be needed before further rate changes. "This (statement), in our view, is a cautious hint that monetary policy easing is likely to be at an end," analysts at VTB Capital said in a note to clients. "We expect inflation to stay around the current level through the summer before picking up in the fourth quarter. "Coupled with more evidence of an economic recovery and the decline in bank lending rates, this would be enough for the central bank to stop cutting interest rates here." Russia was hard hit by the global economic crisis, with the economy contracting 7.9 percent last year but it has so far managed to avoid the major problems currently engulfing debt-ridden countries like Greece. The ministry of economic development said it was raising the growth forecast for Russia to 4.0 percent from the previous 3.1 percent prediction in 2010 followed by 3.5 percent in 2011, 3.5 percent in 2012 and 4.2 percent in 2013. The country's economy grew 4.5 percent in the first quarter of 2010 compared to the same period last year while Prime Minister Vladimir Putin declared that the recession was now over in Russia. Last week, Russia successfully raised 5.5 billion dollars in its first international bond issue since its 1998 financial crisis, an offering which was hugely over-subscribed. However Russia's budget, which ran a deficit in 2009 equivalent to 5.9 percent of gross domestic product, the first such deficit in a decade, remains under pressure. Putin has warned the deal signed last week to cut the price of gas exports to Ukraine by 30 percent will further hurt the budget which is set to lose 3.0 billion dollars in 2010 and then 4.0 billion dollars in 2011 as a result. The government forecasts a 6.8 percent deficit in 2010 and 4.0 percent in 2011 and is expected to draw heavily on reserve funds to cover the shortfall. Meanwhile, the growth rates forecast are well below the booming figures recorded in the years of high oil prices before the economic crisis struck in 2008. 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