Mubasher: The Central Bank of the Republic of Turkey (CBRT) raised a key interest rate by less than analysts expected.

The bank lifted its late-liquidity rate by 50 basis points to reach 12.75%, compared to estimates of 100 basis points rise, the CBRT highlighted in the Monetary Policy Committee’s (MPC) statement on Thursday.

The overnight borrowing rate and the overnight lending rate remained steady at 7.25% and 9.25%, respectively.

Turkey's consumer price index (CPI) hit 12.98% year-on-year in November, the highest rate since December 2003, whereas it recorded 11.9% month-on-month in October.

By 1:17 pm GMT, the Turkish lira fell 1.5% against the US dollar to $3.8701.