ISTANBUL 

The Russian central bank will hold an “unscheduled” meeting on Thursday to discuss the level of its key interest rate, the bank said on Wednesday.

The Bank of Russia cut the rate by 300 basis points to 14% in its last meeting on April 29.

Analysts expect that the bank will lower the interest rate by 200 basis points to 12% on Thursday.

Following the beginning of Russia's war on Ukraine on Feb. 24, the ruble plunged to an all-time low of 150 to the dollar.

With the help of capital controls and other financial measures by the Russian government, the dollar/ruble exchange rate reached below 60.