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.
National Bank of Denmark 2026-02-03
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.