ASTANA (Bloomberg) — Kazakhstan has completed the placement of €1.05 bln of, Finance Minister Alikhan Smailov has said.

After preferring US dollar debt sales over the past two decades, Kazakhstan is switching currencies as the European Central Bank vows not to tighten borrowing costs until at least next summer. The Finance Ministry began a week-long roadshow on Monday for a benchmark-sized 10-year note.

Kazakhstan last sold dollar debt in July 2015, when it raised a record $4 bln in 10-year and 30-year notes. The country is increasingly looking at expanding the diversity of its borrowing, with plans also including yuan-denominated securities, former Finance Minister Bakhyt Sultanov said in an interview in Washington earlier this year.

Kazakhstan’s external debt decreased by $2.2 bln in the second quarter of 2018. As of July 1, the external debt is $164.4 bln, or 96% of GDP.