Mubasher: The Central Bank of Russia (CBR) is expected to lower its key interest rate to 8% on Friday, a poll by Reuters showed on Monday.

This would be the sixth rate cut so far in 2017.

Analysts expect the central bank to lower the key rate by 25 basis points at its year-end board meeting from the current 8.25 percent.

The decision is attributed to a decline in inflation for months, as reached a new low of 2.5% in November, below the central bank’s ultimate target of 4%, but also way below its levels three years ago when it stood at nearly 17%.

The central bank stuck to its plan for taming inflation, despite calls from the business community to reduce interest rates faster.

Last week, the Russian central bank said it would continue to gradually reduce its key rate throughout 2018.