Russia has cut its main interest rate from 12.5% to 11.5% as inflation eases.
In a statement the country's central bank said it had lowered its one-week minimum auction repo rate by 1 percentage point.
Inflation eased from a high of 16.9% in March to 15.8% in May.
The bank also repeated that it was concerned about a "considerable" cooling of the economy. It said it expected gross domestic product to contract by 3.2% this year.
The Russian rouble was little changed after the rate decision as it was in line with analyst predictions.
Interest rates had hit 17% last December in an emergency move to halt a run on the rouble.
Russia's economy is being squeezed by Western sanctions over the situation in Ukraine, and a fall in global oil prices.
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