Russia has cut its main interest rate from 17% to 15% because inflation "is stabilizing", according to BBC News.

The ruble fell by more than 2% against the dollar following the central bank announcement.

Russia's economy has been suffering for a range of reasons, including economic sanctions by the West over its involvement in the crisis in Ukraine.

This week the government said it would put measures in place to try to stave off an economic crisis.

The measures included investing at least 2.34 trillion rubles ($35bn) in the economy, following a collapse in oil prices and the ruble.

The Bank of Russia said the interest rate could be cut "due to the shift in the balance of risks of accelerated consumer price growth and cooling economy."

The ruble fell around 2.4% against the dollar on the news, leaving the dollar worth more than 70 rubles.