Turkey's central bank kept interest rates at 9 percent despite soaring inflation, fulfilling a promise to end a short but sharp easing cycle after President Tayyip Erdogan called for single-digit rates, Reuters reported.

The bank, which analysts believe was responding to Erdogan's will, reiterated that inflation at around 85 percent should give way to a process of disinflation.  The central bank did not indicate how long it would keep rates stable in the run-up to the election.

Following the policy decision, the lira approached the historic low of 18.6850 against the dollar reached in the previous session.

Meanwhile, inflation was 84.4% in November after peaking at 85.5% in October. It is expected to fall to 65-70% in December due to a favorable base effect after last year's historic collapse of the currency.