Head of the Russian Central Bank, Sergei Ignatyev, says that a free float of the rouble within the coming two years is the Bank’s “main goal” for the transition period.

He added that currency intervention may continue throughout the coming two years to control the currency’s appreciation and depreciation as the economy recovers.

The Central Bank hopes that a free float would help it to gain more control over the economy through interest rates and may even help to make the rouble attractive as an international reserve currency.

On Monday, the World Bank had bad and good news for Russia. It revised its predictions for the currency down to a 7.5% contraction from 4.5% but increased its predictions for next year to growth of 2.5%, up from stagnation, which it prediction earlier this year.

Meanwhile, it was also announced on Monday that Ignatyev is to be reappointed for a third term as head of the Central Bank. He has been in charge since 2002.