Issuance in foreign currency

The central government raises loans in foreign currency in order to maintain the foreign exchange reserve. The foreign funding rule entails that, as a general rule, the central government issues debt denominated in foreign currency equivalent to the redemptions on the foreign debt. It is possible to depart from the general rule in the event that Danmarks Nationalbank wishes to expand or reduce the foreign exchange reserve.

The strategy is not to issue foreign bonds in 2019. Issuances can be conducted in the Commercial Paper-programs.