OREANDA-NEWS The Russian economy is gradually recovering from last year's overheating, Central Bank Governor Elvira Nabiullina said at a press conference following a meeting of the regulator's board of directors.

"The economy is gradually recovering from the severe overheating of last year," she said.

Following a meeting of the Board of Directors on Friday, the Bank of Russia lowered its key rate for the fourth time in a row, but this time by only 0.5 percentage points, to 16.5% per annum.