MOSCOW, November 2 (RIA Novosti) - Russia's inflation is unlikely to exceed 10% in 2009, which has allowed the country's top bank to cut refinancing rate several times since the start of the year, a Central Bank official said on Monday.

"We are heading for inflation obviously under 10%," Central Bank First Deputy Chairman Gennady Melikyan said at a meeting between bankers and the management of Russia's monetary regulator.

Russia's Central Bank cut on October 30 its key lending rate by 0.5 percentage points to 9.5% per annum following a slowdown in consumer price growth.

The rate is the lowest since Russia started its transition to a market economy in the early 1990s. The previous rate of 10% per annum was set from September 30, 2009.

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.

The Bank of Russia has now cut the refinancing rate eight times since the start of the year, when it was 13%.