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About Danmarks Nationalbank

Foreign Exchange and Liquidity and Monthly Balance Sheet, May 2017

​In May 2017, the foreign-exchange reserve decreased by kr. 0.2 billion to kr. 463.9 billion.


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THE FOREIGN-EXCHANGE RESERVE

In May 2017, the foreign-exchange reserve decreased by kr. 0.2 billion to kr. 463.9 billion. The decrease reflects Danmarks Nationalbank's net sale of foreign exchange for kr. 0.02 billion, and the central government's net repayment of foreign debt for kr. 0.1 billion, cf. table 1.

In May, Danmarks Nationalbank has not intervened in the foreign exchange market.

Danmarks Nationalbank's net foreign-exchange purchases and the change in the foreign-exchange reserve - table 1

Kr. billionMay 2017January 2017 - May 2017
Danmarks Nationalbank's interventions* to purchase foreign exchange, net0.010.3
Other**0.06.3
Danmarks Nationalbank's net foreign-exchange purchases0.016.6
The central government's net foreign borrowing***-0.1-8.7
Change in the foreign-exchange reserve-0.27.9

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, EU-payments, 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 May, the central government's net financing requirement amounted to kr. 4.3 billion. Since the turn of the year, the central government's net financing requirement has been kr. -23.2 billion, cf. table 2.

The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank decreased by kr. 3.6 billion in May, to an outstanding amount of kr. 175.6 billion. In May, transactions by the central government decreased the net position by kr. 2.1 billion.

Impact of various factors on the net position of the banks and mortgage-credit institutes via-a-vis Danmarks Nationalbank - table 2

Kr. billionMay 2017January 2017 - May 2017
The central government's net financing4.3-23.2
Redemption on domestic central-government debt*0.00.0
Net bond purchases by the government funds and own portfolio6.316.6
Other**0.11.4
The central government's gross domestic financing requirement10.7-5.2
The central government's gross domestic borrowing***12.836.5
The central government's liquidity impact-2.1-41.7
Danmarks Nationalbank's net foreign-exchange purchases0.016.6
Danmarks Nationalbank's net bond purchases0.00.0
Other factors****-1.5-1.1
Change in net position-3.6-26.2

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, inter alia, net bond purchases by the government funds and 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 6 July 2012 the discount rate has been 0,00 pct., since 1 June 2012 the current-account interest rate has been 0,00 pct., since 20 January 2015 the lending rate has been 0,05 pct. and since 8 January 2016 the rate of interest on certificates of deposit has been -0,65 pct..

Enquiries can be directed to Julie Holm Simonsen on tel.: (+45) 33 63 60 22.

BALANCE SHEET OF DANMARKS NATIONALBANK 31 MAY 2017

Assets 2017 2017 2016
1000 kr.31/0530/0431/05
Stock of gold17,491,21017,491,21015,490,447
Foreign assets433,731,279432,126,711396,438,540
Claims on the International Monetary Fund16,673,49916,723,93317,402,772
Claims related to banks' and mortgage credit institutes' TARGET accounts in ECB43,83140,59338,869
Monetary-policy lending150,000--
Other lending2,691,4012,361,4442,859,784
- Banks'1)2,691,4012,361,4442,831,493
- Misc. loans--28,291
Domestic bonds32,968,64032,979,19732,823,207
Financial fixed assets, etc.184,063184,063781,473
Tangible and intangible fixed assets625,672632,085699,475
Other assets557,860532,6191,184,918
505,117,455503,071,855467,719,485

1) Including loans financing decentralised banknote holdings.

Liabilities 2017 2017 2016
1000 kr.31/0530/0431/05
Banknotes65,298,38064,451,84164,193,686
Coins6,003,9845,958,1395,961,577
Monetary-policy deposits175,730,040179,228,738130,584,883
- Net current accounts30,233,04030,973,73830,287,883
- Certificates of deposit145,497,000148,255,000100,297,000
Other deposits16,626,88015,833,86216,287,301
- Deposits related to banks' and mortgage credit institutes' TARGET accounts in ECB43,83140,59338,869
- Other deposits from banks' and mortgage credit institutes'281,10472,30991,558
- Misc. deposits16,301,94515,720,96016,156,874
Central government144,589,162142,447,612159,377,879
Foreign liabilities3,948,1202,240,2862,411,149
Counterpart of Special Drawing Rights allocated by the IMF (SDR)14,512,24214,512,24214,507,188
Other liabilities4,441,6944,432,1823,511,894
Capital and reserves73,966,95373,966,95370,883,928
505,117,455503,071,855467,719,485