Interest rates in Russia have been cut to a record low of nine per cent by the central bank, in a move aimed at slowing rouble appreciation and supporting the country's economic recovery.

Taking effect tomorrow, the cut by 50 basis points marks the ninth time the central bank has made a rate reduction since April.

In a statement, the bank acknowledged its intention of "restraining the appreciation of the rouble" via the reduction, following analysts' fears that the strength of the currency could jeopardise Russia's emergence from recession.

"Lending activity of Russian banks is still at a low level, and internal demand remains insufficient to ensure stable growth of manufacturing, which led to the need to cut rates," said the statement. "The decision (to cut rates) was taken with the aim of further increasing the accessibility of credit resources … and stimulating end demand."

As well as a brightening economic outlook and comparatively high interest rates, the rouble's rally has been stimulated by surging oil prices.

Central bank representatives have not ruled out the possibility of a further rate cut before the end of the year and plan to debate the issue this week.