The Bank of Russia lowered the key rate by 3 percentage points to 14% annually on Friday, TASS reported. 

Annual inflation in Russia in the coming months will continue to grow due to the base effect and will reach 18-23 percent in 2022, the central bank reported.

Russia's GDP is expected to decline by eight-to-10 percent in 2022.

The central bank raised the forecast for the capital outflow from Russia in 2022 to $151 billion from $75 billion.