Dialing back on its ruble-crisis-mode management, Russia’s central bank cut interest rates by 150 basis points to 12.5% Thursday and hinted at further cuts soon, CNBC reports. The central bank has been incrementally reducing rates after a surprise hike in December to 17% from 10.5% in an attempt to manage the quickly depreciating ruble and rising inflation.

Looking ahead, observers are remain cautious over the market outlook. While President Vladimir Putin and other Russian politicians argue that the worst is over, the economy is expected to remain in a recession for the year.

Market Vectors Russia ETF

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Max Chen contributed to this article.