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About Danmarks Nationalbank

Foreign Exchange and Liquidity and Monthly Balance Sheet, June 2024

​In June 2024, the foreign-exchange reserve increased by kr. 1.4 billion to kr. 638.8 billion.


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THE FOREIGN-EXCHANGE RESERVE

In June 2024, the foreign-exchange reserve increased by kr. 1.4 billion to kr. 638.8 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. 0.6 billion, cf. table 1.

For settlement in June, 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. billionJune 2024January 2024 - June 2024
Danmarks Nationalbank's interventions* to purchase foreign exchange, net0.00.0
Other**0.811.4
Danmarks Nationalbank's net foreign-exchange purchases0.811.4
The central government's net foreign borrowing***0.61.5
Change in the foreign-exchange reserve1.412.9

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, 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. -3.9 billion. Since the turn of the year, the central government's net financing requirement has been kr. -49.8 billion, cf. table 2.

The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank decreased by kr. 4.5 billion in June, to an outstanding amount of kr. 244.6 billion. In June, the central government's liquidity impact decreased the net position by kr. 6.8 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 2024January 2024 - June 2024
The central government's net financing-3.9-49.8
Redemption on domestic central-government debt*2.924.9
Net bond purchases by the government funds and own portfolio and financing of social housing0.5-0.5
Other**-0.30.5
The central government's gross domestic financing requirement-0.8-24.9
The central government's gross domestic borrowing***6.040.5
The central government's liquidity impact-6.8-65.4
Danmarks Nationalbank's net foreign-exchange purchases0.811.4
Danmarks Nationalbank's net bond purchases1.00.9
Other factors****0.57.2
Change in net position-4.5-45.9

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 7 June 2024 the discount rate has been 3,35 pct. p.a., since 7 June 2024 the current-account interest rate has been 3,35 pct. p.a., since 7 June 2024 the lending rate has been 3,50 pct. p.a. and since 7 June 2024 the rate of interest on certificates of deposit has been 3,35 pct. p.a.

Enquiries can be directed to press advisor Peter Levring on tel. +45 3363 6383.

BALANCE SHEET OF DANMARKS NATIONALBANK 30 JUNE 2024

Assets 2024 2024
1000 kr.30/0631/05
Stock of gold29,762,72429,762,724
Foreign assets555,503,113555,412,581
Claims on the International Monetary Fund56,701,15656,729,044
Claims related to banks' and mortgage credit institutes' TARGET accounts in ECB24,49826,514
Monetary-policy lending- -
Other lending1,018,5761,369,291
- Banks'1)1,018,5761,369,291
- Miscellaneous loans- -
Domestic bonds33,964,71032,929,910
Financial fixed assets, etc.131,679131,679
Tangible and intangible fixed assets645,156648,890
Other assets2,609,4132,604,785
680,361,025679,615,418

1) Other lending to banks include loans for cash deposits.

Liabilities 2024 2024
1000 kr.30/0631/05
Banknotes53,161,51254,119,205
Coins6,140,0846,128,792
Monetary-policy deposits244,570,422249,043,670
- Current accounts244,570,422249,043,670
- Certificates of deposit- -
Other deposits15,088,12715,254,730
- Deposits related to banks' and mortgage credit institutes' TARGET accounts in ECB24,49826,514
- Other deposits from banks' and mortgage credit institutes'1,515,6491,724,393
- Miscellaneous deposits13,547,98013,503,823
Central government227,392,218219,960,170
Foreign liabilities3,138,5574,459,022
Counterpart of Special Drawing Rights allocated by the IMF (SDR)43,743,94543,743,945
Other liabilities3,419,1803,198,904
Capital and reserves83,706,98083,706,980
680,361,025679,615,418

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.