Seven out of 10 analysts expect rates to stay unchanged, one expected a rate cut while two forecast a hike to 15.0 or 15.5 percent from the current 14.5 percent.

The central bank will review the key interest rate on Jan. 25. In December, the rate was raised to 14.5 percent from 13.5 percent following another 1 percentage point increase in October in order to restrain inflation.

Consumer prices jumped more than 16 percent year-on-year in August and September, outstripping the central bank's forecast of 12.2 percent for the whole 2017 year.

In October and November inflation slowed to 14.6 percent and 13.6 percent respectively.

The analysts forecast inflation at 13.7 percent in December and at 8.8 percent by the end of 2018.