Europe's 2nd highest benchmark interest rate after Belarus...at 11.75...was dropped 50 bps by the central bank to 11.25%...surprising some economists.
The cbank cited slowing export growth for the decrease.
Growth slowed to 2.2% in Q2...from 3.4% in Q1.
July inflation decreased to an annual rate of 12.1%... from 12.7% in June.