Engelsk

​Danmarks Nationalbank raises the current-account rate, the rate of interest on certificates of deposit, the lending rate and the discount rate by 0.50 percentage point with effect from 17 March 2023.

The significant tightening of monetary policy is helping to dampen inflation and take the pressure off the Danish economy. However, higher wage in-creases will sustain inflation in the coming years. Therefore, there is a need for a tight economic policy that does not add to inflation, and it is important that fiscal policy does not counter work monetary policy in bringing the inflation down. A tightening of fiscal policy may become relevant if the risk of a Danish wage-price spiral rises further. (This is an extract. The full English version will be available as soon as possible.)

Inflation remains too high, and central banks around the world have signalled that monetary policy interest rates need to be raised further. Danmarks Nationalbank has hiked monetary policy interest rates in tandem with the ECB, but twice at a lower rate than the ECB to weaken the value of the krone against the euro. Market and lending rates have increased as a consequence of tighter monetary policy. The effects of this are expected to dampen economic growth significantly in 2023 and 2024. (This is an extract. The full English version will be available as soon as possible.)

Danmarks Nationalbank posted a loss of kr. 8,464 million in 2022, against a profit of kr. 194 million in 2021. The loss was primarily due to capital losses on the bond portfolio as a result of the higher interest rate level.

​Danmarks Nationalbank expects inflation to fall to 4.0 per cent this year from 8.5 per cent last year. In 2024 and 2025, inflation is projected to reach 3.6 per cent and 3.0 per cent, respectively. Danmarks Nationalbank finds that a tight economic policy is required to bring down inflation.

For the first time, Danmarks Nationalbank discloses the climate footprint from the part of its foreign exchange reserve that is invested in securities issued by governments, regional authorities and companies. With the disclosure, Danmarks Nationalbank aims to contribute to greater transparency about the climate footprint of financial portfolios, in line with other European central banks.

On 9 March 2023, Governor Signe Krogstrup gave a speech at Danmarks Nationalbank’s conference "New types of digital money". The speech focused on valuable lessons from monetary history and scholarship, and touched upon some of the key implications for the assessment of future types of money, covering central bank digital currencies, stablecoins and unbacked crypto-assets.

We examine drivers of the equilibrium real interest rate in a two-country, general-equilibrium, OLG model. The model predicts that population growth, growth in technology, and increased longevity have reduced the equilibrium real interest rate by 2.25 percentage points from 1950 until today – and that these factors will pull it down by further 0.25 percentage points towards 2050. Differences in longevity may explain the build-up of the large Danish net foreign asset position.