Russia's central bank has cut its key interest rate by one percentage point to 14%, as concerns over inflation ease.
The widely expected move comes as the local currency stabilized following its radical 46% decline in 2014. Earlier, the plunge prompted the bank to increase rates up to 17% in an effort to halt the fall.
The rate rise strengthened the ruble against the dollar.
In January, Russia's central bank surprisingly cut rates from 17% to 15%.
Last year interest rates were lifted to spur saving rather than spending after the currency's plummeting value prompted some Russians to snap up foreign goods in case its value fell still further.
During that spree, demand for goods allowed shopkeepers to raise prices, prompting high inflation.
Despite the fact the inflation is still high - February's reading showed that prices were increasing by an annualised rate of 16.7% - economists expect that depressed economic conditions, including rising unemployment, will lead to decreased demand and lower prices.
Last year, Russia's economy has been hit hard by the declining oil price as well as the influence of Western sanctions of its involvement in Ukraine.
