Kazakhstan’s inflation stood at 0.7% MoM in March. Due to a strong base effect from last year, this was sufficient to push annual inflation down to 9.1% YoY from the previous 9.3% YoY. During the last central bank meeting, the board signaled that it would likely be cautious and hold rates until there is more clarity on fiscal risks. Separately, net FX sales are likely to more than double in April to USD 1-1.5 bln, mainly as the national oil fund will increase its FX sales, while the purchase from the state pension fund will remain broadly flat.