MOSCOW: Russia's central bank hit the pause button on rate cuts Friday, deciding to hold off following three consecutive reductions amid a slight uptick in inflation.

The bank insisted "short-term and mid-term inflation risks persist" as it announced in a statement that it was sticking at the present 9.0 percent rate.

It said, however, that it is looking to resume its policy of lowering the rate to revive economic growth and "sees room" for cuts "in the second half of 2017", reports AFP.

"While making its decision hereinafter, the Bank of Russia will assess inflation risks, the inflation dynamics and economic developments against the forecast," it added.

Russia's central bank hiked rates sharply in late 2014 as the Russian economy buckled under the double-whammy of the collapse in oil prices and Western sanctions over Moscow's meddling in Ukraine. Ever since it has proceeded cautiously with easing the rate, championing a "moderately tight monetary policy" against a background of economic uncertainty.