Concerns over inflation in Russia recede, the economy falters and on Friday the central bank acted.<br /><br /> It has cut its key interest rate by one percentage point to 14 percent in a move which was widely predicted. The measure comes as the rouble begins to stabilise following its radical 46 percent decline in 2014.<br /><br /> It is the second time this year the bank has acted. It unexpectedly cut the rate by two points in January. Analysts had predicted a bigger drop in the rate this time.<br /><br /> “The rouble has effectively halved in value. They’re receiving a lot less in dollar income via the sale of oil and other commodities and food prices at home in Russia are biting,” said Darren Sinden, market commentator, Admiral Capital Markets<br /><br /> The rouble strengthened slightly after the decision. By mid-morning is was 61.37 against the dollar down around 0.3 percent on the day having been down 0.5 percent before the rate cut.<br /><br /> In a statement the central bank said, “ as before the balance of risks is position
