Kazakhstan’s central bank deputy governor noted that last week’s volatility in the Kazakhstani tenge (KZT) was mainly driven by the weakening of the Russian ruble (RUB). The official stated, “It’s clear that a connection remains between the exchange rates of the RUB and the KZT against the USD, but now we are no longer observing a high or linear correlation as was the case before.” The bank also confirmed that it did not intervene in the currency market during the selloff. It indicated that one contributing factor to the KZT depreciation was the reluctance of exporters to sell FX, as it believed the tenge would further weaken.