The Reserve Bank of New Zealand (RBNZ) raised the official cash rate (OCR) by 25 basis points to 2.75 per cent on March 13, in line with analyst and market expectations. The bank is the first developed-world central bank to raise rates in this cycle. Strategists and economists interpret the firm language in the accompanying monetary policy statement (MPS) as demonstrative of a "need for follow-up OCR increases".