As 2009 came to an end, Russian prime minister Vladimir Putin revealed plans for the country's government to move towards a floating rouble exchange rate. Chatting to reporters in Vladivostok, Putin suggested the economy is not currently ready for a free rouble float.

"We will not do anything to shake up the market," he confirmed, adding: "We will very cautiously shift to a floating rate."

Last year, Russian officials spent 900 billion roubles on "anti-crisis measures" after the country was hit hard by the recession because of its dependence on the price of oil, its major export commodity.

Putin's comments follow plans unveiled by Russia's central bank in December to continue gradually moving towards a free float of the currency, with no target for the rouble exchange rate against a euro-dollar basket.

"We need to adjust rules to make Russia less attractive for speculative capital," Putin also told reporters, revealing that the country will tweak regulations to limit the inflow of "hot money" and encourage long-term investment.

A tide of speculative capital has flooded the rouble in recent months, spurred on by Russia's comparatively high interest rates, damaging the competitiveness of domestic exporters abroad by strengthening the currency.