Russia unexpectedly cuts interest rates

Weeks after hiking interest rates to an 11-year high, Russia unexpectedly cut them again, Bloomberg News reports.

The central bank lowered the benchmark rate from 17 percent to 15 percent. That sparked ruble sales, driving it down 4 percent against the dollar.

In 2014, the central bank raised the rate six times. Officials and business leaders have warned the economy will crash unless rates come down. Earlier in January, an aide to President Vladimir Putin called doing business "impossible" at the current interest rate.

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