Russia Cuts Interest Rates

This article is interesting because clearly other countries around the world are struggling to keep consumer confidence and spending going.
"The central bank cut the refinancing rate one quarter of a percentage point to a low of 8.5%, effective Feb. 24. Other key rates were lowered as well, the central bank said. The widely expected cut in the benchmark refinancing rate, the first this year, follows 10 cuts throughout 2009."
"In an effort to stem the ruble's gains, the central bank spent about $2 billion Thursday in currency interventions, its first deputy chairman, Alexei Ulyukayev, told Interfax."