Russia has lowered interest rates again and sees scope for further easing.

At an unscheduled meeting on Thursday, the central bank decided to cut the rate by three percentage points to eleven percent.

She also sees scope for further easing this year.

"Inflationary pressures are fading due to ruble exchange rate dynamics as well as a noticeable drop in household and business inflation expectations," the bank said.

The ruble fell after the decision.

The dollar rose 2.4 percent to 60.77 rubles.

In April, the central bank had already lowered the key interest rate by three points in view of Western sanctions and an impending recession.

In order to prevent the national currency, the ruble, from falling, the interest rate was initially raised from 9.5 to 20.0 percent after the Russian invasion of Ukraine, and then lowered it again to 17 percent in a first step.