Russia's Central Bank has cut its key interest rate by half a percentage point to 10 percent as it aims to shore up the economy amid signs of a taming in inflationary pressures.

The central bank said Friday that the reduction, the second in three months, was possible as the annual rate of inflation eased to 6.6 percent in September from 7.2 percent in July. It indicated that further cuts were possible this year.

Russian businesses have been lobbying officials to cut borrowing rates to boost lending.

Interest rates shot up in 2014 when Russian was hit with economic sanctions, which sent the national currency and the economy into a tailspin.