Russia holds rates

MOSCOW: Russia’s central bank on Friday kept its key rate unchanged at 11 per cent as inflation risks remain high but said it may cut it in the future as inflation declines. The bank will hold its next rate review meeting on June 10. The rouble’s slide at the beginning of this year caused the central bank to stall on its policy of gradual reductions in base rate, which it cut four times last year from a high of 17 per cent.