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Russia's central bank has decided to cut the key interest rate by 150 basis points to 8 per cent per annum, the fifth consecutive reduction since April.

"Current consumer price growth rates remain low, contributing to a further slowdown in annual inflation. This is due to both the influence of a set of one-off factors and the subdued consumer demand," Xinhua news agency quoted the Bank of Russia as saying in a statement.

The bank said it will consider the necessity of further rate cuts in the second half of 2022, and its next rate review meeting will be held on September 16.

Russia drastically raised the key interest rate from 9.5 per cent to 20 per cent on February 28 to support financial and price stability and protect the savings of citizens from depreciation, just four days after it launched its invasion of Ukraine.

The central bank slashed the rate to 17 per cent on April 8, to 14 per cent on April 29, to 11 per cent on May 26 and to 9.5 per cent on June 10.