MOSCOW, September 29 (RIA Novosti) - Russia's Central Bank said on Tuesday it could continue its policy of interest rates cuts, following its decision to reduce a key interest rate by 0.5 percentage point.

The Central Bank announced on Tuesday it would lower its refinancing rate to 10% per annum from September 30, following a slowdown in consumer price growth.

Analysts say the move is intended to bring down interest rates on loans granted to the real sector to help domestic business amid the ongoing economic crisis.

Central Bank First Deputy Chairman Alexei Ulyukayev told an investment forum in Moscow that year-on-year inflation currently stood at 11.2% and was lower than the figure of 11.6-12% projected by the country's monetary authorities for 2009.