THE FOREIGN-EXCHANGE RESERVE
In June 2026, the foreign-exchange reserve increased by kr. 11.8 billion to kr. 699.3 billion. The increase reflects Danmarks Nationalbank's net purchase of foreign exchange for kr. 0.8 billion, and the central government's net borrowing of foreign debt for kr. 11.0 billion, cf. table 1.
For settlement in June, Danmarks Nationalbank's net sale of foreign exchange due to intervention in the foreign-exchange market amounted to kr. 0.7 billion.
Danmarks Nationalbank's net foreign-exchange purchases and the change in the foreign-exchange reserve - table 1
| Kr. billionJune 2026January - June 2026 | Danmarks Nationalbank's interventions* to purchase foreign exchange, net-0.7-0.7 | Other**1.518.2 | Danmarks Nationalbank's net foreign-exchange purchases0.817.4 | The central government's net foreign borrowing***11.013.4 | Change in the foreign-exchange reserve11.830.8 |
Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.
* Intervention takes place when Danmarks Nationalbank purchases and sells foreign exchange for Danish kroner in the foreign-exchange market in order to stabilise the exchange rate.
** Comprises e.g. interest accrued on the foreign-exchange reserve, the central government's net payments in foreign exchange, and changes in the banks' deposits in euro-denominated accounts at Danmarks Nationalbank.
*** Including net payments to the central government in foreign exchange as a result of currency swaps.
DEVELOPMENT IN LIQUIDITY
In June, the central government's net financing requirement amounted to kr. 0.8 billion. Since the turn of the year, the central government's net financing requirement has been kr. -40.6 billion, cf. table 2.
The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank decreased by kr. 1.0 billion in June, to an outstanding amount of kr. 301.1 billion. In June, the central government's liquidity impact decreased the net position by kr. 1.9 billion.
Impact of various factors on the net position of the banks and mortgage-credit institutes via-a-vis Danmarks Nationalbank - table 2
| Kr. billionJune 2026January - June 2026 | The central government's net financing0.8-40.6 | Redemption on domestic central-government debt*0.423.8 | Net bond purchases by the government funds and own portfolio and financing of social housing, private care housing and KommuneKredit1.118.4 | Other**-0.4-0.1 | The central government's gross domestic financing requirement1.81.5 | The central government's gross domestic borrowing***3.740.9 | The central government's liquidity impact-1.9-39.4 | Danmarks Nationalbank's net foreign-exchange purchases0.817.4 | Danmarks Nationalbank's net bond purchases0.3-1.6 | Other factors****-0.20.3 | Change in net position-1.0-23.3 |
Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.
* Including krone-denominated payments by the central government in currency swaps.
** Comprises foreign net financing requirement and changes in net collateral for the government’s swap portfolio.
*** Gross long-term borrowing, net short-term borrowing and krone-denominated payments to the central government in currency swaps.
**** Comprises e.g. changes in banknotes and coins in circulation.
DANMARKS NATIONALBANK'S INTEREST RATES
Since 12 June 2026 the discount rate has been 1.85 pct. p.a., since 12 June 2026 the current-account interest rate has been 1.85 pct. p.a., since 12 June 2026 the lending rate has been 2 pct. p.a. and since 12 June 2026 the rate of interest on certificates of deposit has been 1.85 pct. p.a.
Enquiries can be directed to press advisor Teis Hald Jensen on tel. +45 3363 6066.
BALANCE SHEET OF DANMARKS NATIONALBANK 30 JUNE 2026
| Assets20262026 | 1000 kr.30/0631/05 | Stock of gold58,781,77358,781,773 | Foreign assets586,734,845576,174,383 | Claims on the International Monetary Fund55,093,09655,026,423 | Claims related to banks' and mortgage credit institutes' TARGET accounts in ECB79,53471,606 | Monetary-policy lending-- | Other lending1,132,2701,021,473 | - Banks'1)1,132,2701,021,473 | - Miscellaneous loans-- | Domestic bonds31,906,33131,623,876 | Financial fixed assets, etc.131,550131,550 | Tangible and intangible fixed assets957,668959,680 | Other assets2,532,6469,703,925 | 737,349,713733,494,689 |
1) Other lending to banks include loans for cash deposits.
| Liabilities20262026 | 1000 kr.30/0631/05 | Banknotes46,691,22646,601,039 | Coins6,106,0106,091,050 | Monetary-policy deposits301,090,729302,090,099 | - Current accounts301,090,729302,090,099 | - Certificates of deposit-- | Other deposits618,311804,055 | - Deposits related to banks' and mortgage credit institutes' TARGET accounts in ECB79,53471,606 | - Other deposits from banks' and mortgage credit institutes'257,231398,355 | - Miscellaneous deposits281,546334,094 | Central government214,321,359201,397,920 | Foreign liabilities1,300,6052,495,039 | Counterpart of Special Drawing Rights allocated by the IMF (SDR)42,024,21742,024,217 | Other liabilities684,8277,478,841 | Capital and reserves124,512,429124,512,429 | 737,349,713733,494,689 |
Note: The monthly balance sheet is calculated at beginning of year values +/- accumulated transaction values. The monthly balance does not include value adjustments and accruals, as these are only calculated at year-end, cf. Danmarks Nationalbank's accounting principles.