Russian central bank lowers key rate to 14%, warns of more cuts

Russia's central bank lowered its key interest rate to 14% in a sharper-than-expected move on Friday and said it saw room for cutting rates further this year, as it tries to manage a shrinking economy and soaring inflation.

The central bank met after it unexpectedly cut the key rate to 17% earlier in April following an emergency rate increase to 20% days after Russia sent tens of thousands of troops into Ukraine on Feb. 24.

Friday's rate cut exceeded expectations for a 200-basis-point move in a Reuters poll from earlier this week.

Analysts predicted Russia would need lower rates in the face of