Kazakhstan’s central bank ceased USD purchases for the state pension fund, having reached the 40% target share of foreign exchange in the fund’s portfolio. The Deputy Governor explained that the FX growth was fueled by increased asset values and a stronger USD. The weakening of the tenge is attributed to state-run companies’ imports of foreign goods and the central bank’s FX purchases for the pension fund. The bank will now intervene to mitigate significant FX market volatility.