The National Bank of Denmark published its July 2025 balance sheet and liquidity statistics, showing that the foreign-exchange reserve rose by DKK 14.1 billion to DKK 680.5 billion. For settlement in July, the central bank did not intervene in the foreign-exchange market. The increase in the reserve reflected Danmarks Nationalbank’s net purchase of foreign exchange of DKK 4.1 billion and the central government’s net foreign borrowing of DKK 10.0 billion, taking the year-to-date change in the reserve to DKK 26.1 billion. In liquidity developments, the central government’s net financing requirement was DKK 53.5 billion in July and the net position of banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank increased by DKK 59.6 billion to DKK 270.7 billion, mainly driven by a DKK 55.2 billion liquidity impact from the central government. Policy rates were unchanged from the levels set on 6 June 2025, with the discount rate, current-account interest rate and certificate of deposit rate at 1.6% per annum and the lending rate at 1.75% per annum.
National Bank of Denmark 2025-08-04
National Bank of Denmark reports foreign-exchange reserve increased to DKK 680.5 billion in July 2025
The National Bank of Denmark's July 2025 balance sheet shows a DKK 14.1 billion increase in the foreign-exchange reserve to DKK 680.5 billion, with no market intervention. This rise is due to a DKK 4.1 billion net purchase of foreign exchange and DKK 10.0 billion in net foreign borrowing by the central government. Policy rates remain unchanged since June 2025, with the discount rate, current-account interest rate, and certificate of deposit rate at 1.6% per annum, and the lending rate at 1.75% per annum.