Russia's central bank trimmed key interest rate by 150 percentage points to 12.5%, a TASS news agency report said Thursday citing Bank of Russia's board meeting decision held today.

The decision goes in effect on May 5, 2015.

The central bank cut interest rate for the third time since the beginning of 2015. In January the rate was cut from 17% to 15%, to be then reduced by another percentage point in March to reach 14%.