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​Danmarks Nationalbank raises the current-account rate, the rate of interest on certificates of deposit, the lending rate and the discount rate by 0.35 percentage point with effect from 3 February 2023.

​In January 2023, the foreign-exchange reserve increased by kr. 16.5 billion to kr. 594.6 billion. For settlement in January, Danmarks Nationalbank's net purchase of foreign exchange due to intervention in the foreign-exchange market amounted to kr. 13.2 billion.

Rising mortgage rates have led to high mortgage refinancing activity in Denmark. The Danish mortgage system has a match-funding principle, and rising rates allow fixed-rate mortgage borrowers to buy back their mortgages at a discount. 62 per cent of this discount was used to reduce debt, while 38 per cent was cashed out. When cashing out, homeowners may become more sensitive to adverse developments in interest rates and house prices.

Many Danish homeowners have used interest rate increases to refinance their mortgages. When interest rates rise, the price of fixed-rate mortgage bonds falls, enabling homeowners to repay their loans at a price below the price of the loan when it was taken out. This means that homeowners can realise a net wealth gain, which they can use for various purposes. Danmarks Nationalbank’s economists have conducted a study of how these homeowners have spent their net wealth gain on. The study showed that most people have reduced their bank or mortgage debt. Others have chosen to extract cash to support consumption or savings at a time when rising interest rates and high inflation generally dampen economic activity.

The total card turnover in 2022 reached kr. 642 billion, which is 8 per cent larger than in 2021. The industries that were hit hardest by corona restrictions are now well on their way to or above their level from 2019, which is the most recent year without corona restrictions.

In 2022, Danish households lost kr. 108 billion on their investments in funds corresponding to a return of -13.7 per cent. At the same time, they purchased significantly fewer investment certificates than in 2020-2021. The households’ assets in investment funds now amount to kr. 511 billion, where it was kr. 616 billion at the beginning of 2022.

On 8 February 2023, 2.25 per cent bullet loan 2033 (ISIN: DK0009924532) will be opened with interest payment date 15 November and repayment 15 November 2033. The new bond will replace 0.00 per cent bullet loan 2031 as key on-the-run issue. After this the central government can conduct buy-backs in 0.00 per cent bullet loan 2031.