The National Bank of Denmark published its January 2026 foreign exchange and liquidity update and monthly balance sheet, showing the foreign-exchange reserve increased by DKK 5.4 billion to DKK 673.9 billion. The rise reflected net foreign-exchange purchases of DKK 3.7 billion by the central bank and the central government’s net foreign borrowing of DKK 1.7 billion, while no foreign-exchange market intervention was conducted for settlement in January. Annual value adjustments calculated for the 2025 annual report increased the foreign-exchange reserve by DKK 17.4 billion to DKK 668.5 billion at end-2025 and lifted domestic bond holdings by DKK 0.2 billion to DKK 33.5 billion; these revaluations are excluded from the monthly liquidity balance sheet. On liquidity, the central government’s net financing requirement was DKK -2.2 billion and the net position of banks and mortgage-credit institutes vis-à-vis the National Bank of Denmark rose by DKK 2.9 billion to DKK 327.3 billion. Policy rates were unchanged from 6 June 2025, with the discount and current-account rates at 1.6% per annum, the lending rate at 1.75% per annum and the rate on certificates of deposit at 1.6% per annum.
2026-02-03National Bank of Denmark
National Bank of Denmark reports FX reserve up DKK 5.4bn to DKK 673.9bn in January 2026 with no FX intervention
The National Bank of Denmark's January 2026 update shows a DKK 5.4 billion increase in the foreign-exchange reserve to DKK 673.9 billion, driven by net foreign-exchange purchases and government borrowing, with no market intervention. The central government's net financing requirement was DKK -2.2 billion, and banks' net position rose to DKK 327.3 billion, while policy rates remained unchanged since June 2025.