New Zealand Raises Official Cash Rate by 0.5 Percent to 3.5 Percent, Considered 0.75 Percent Hike

Reserve Bank Governor Adrian Orr speaks during a press conference at the Reserve Bank of New Zealand in Wellington, New Zealand, on March 16, 2020. Hagen Hopkins/Getty Images

The Reserve Bank of New Zealand (RBNZ) made its fifth consecutive 50 basis point hike, raising the cash rate to 3.5 percent.

The monetary policy committee had considered raising the official cash rate (OCR) by 75 basis points to combat 32-year high inflation of 7.3 percent, before ultimately agreeing that a 50 basis point increase was appropriate.