BBC correspondent Alan Little reports on Russia's day of economic crisis

The meeting comes a day after the central bank tripled interest rates to 150% in a desperate attempt to calm financial markets and prop up the rouble.

Amid fears of an south-east Asian style collapse, the stock market slumped to its lowest level for two years and analysts warned that unless the West provided immediate financial support, the situation could spiral out of control.

Panic selling

The panic selling of shares provoked fresh doubts about President Yeltsin's economic reforms.

The BBC correspondent in Moscow says the Russian president has summoned the prime minister, finance minister and the head of the central bank to the Kremlin knowing that everything that has been achieved towards financial stability in the last five years could be on the line.

'No devaluation'

The government has backed the bank's action to increase interest rates.

Prime Minister Sergei Kiriyenko saying there will be no devaluation of the rouble, a move he fears could see a return of high inflation, and further loss of investor confidence which would plunge Russia into political as well as economic turmoil.

During the past two weeks, Russia's central bank has already had to raise interest rates twice, first to 30% and then to 50%.

They are now at their highest level since February 1996, when the country was suffering from high inflation.

Rouble will not be devalued

The central bank announced the latest rate rise saying it "wanted to pour some cold water on market players."

The bank's First Deputy Chairman, Sergei Aleksashenko, said he expected the actions to have an impact on the market on Thursday, when regular securities trading resumes.

The IMF has applauded the move along with government plans to slash its planned budget spending by $6.5bn.

A senior official from the IMF is due in Moscow to discuss a resumption of its $10bn loan progamme.

But opposition parties are not so confident.