Russian central bank Governor Elvira Nabiullina raised its key interest rate by 100 basis points to 16%, signaling the completion of its tightening cycle.

The bank has hiked rates by 850 basis points since July, including an emergency boost in August.

Medium-term pro-inflationary risks are significant, and stabilizing inflation near 4% would require high rates for a long time.

The bank expects domestic demand spurred by growing lending and wages to boost economic growth above 3% this year.