The BCCh cut the policy rate by 50bp to 9.00%, a surprise reduction in the pace versus the prior 75bp cut, while also halting its reserves accumulation programme and the unwinding of its NDF programme. While recent board rhetoric noted that they would look into currency moves, they said they were not too concerned about inflation pass-through, making the breadth of the action slightly surprising. They did not provide a clear signal on the next rate decision but the market is likely to assume the reduced pace of 50bp cuts will continue at the next meetings.