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Foreign Exchange and Liquidity and Monthly Balance Sheet, January 2025

​In January 2025, the foreign-exchange reserve decreased by kr. 0.8 billion to kr. 653.7 billion. The decrease reflects Danmarks Nationalbank's net sale of foreign exchange for kr. 2.9 billion, and the central government's net borrowing of foreign debt for kr. 2.1 billion.


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THE FOREIGN-EXCHANGE RESERVE

In January 2025, the foreign-exchange reserve decreased by kr. 0.8 billion to kr. 653.7 billion. The decrease reflects Danmarks Nationalbank's net sale of foreign exchange for kr. 2.9 billion, and the central government's net borrowing of foreign debt for kr. 2.1 billion, cf. table 1.

For settlement in January, 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. billionJanuary 2025
Danmarks Nationalbank's interventions* to purchase foreign exchange, net0.0
Other**-2.9
Danmarks Nationalbank's net foreign-exchange purchases-2.9
The central government's net foreign borrowing***2.1
Change in the foreign-exchange reserve-0.8

Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date.

** 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.

VALUE ADJUSTMENT OF DANMARKS NATIONALBANK'S PORTFOLIOS FOR 2024

Danmarks Nationalbank has calculated annual value adjustments of its holdings in connection with the preparation of the annual report for 2024.

As a result of value adjustments, etc. the foreign exchange reserve increased by kr. 20,4 billion and amounted to kr. 654.4 billion at end-2024. Similarly, holdings of domestic bonds have increased by kr. 0,6 billion and amount to kr. 33,8 billion at end-2024.

The monthly balance sheet is a liquidity statement, the purpose of which is that the net liquidity changes of the monetary-policy instruments as well as of the size of the foreign exchange reserve can be read directly from the balance as changes during the period. Thus the monthly balance sheet does not include value adjustments or accruals, which are solely included in Danmarks Nationalbank's annual report.

DEVELOPMENT IN LIQUIDITY

In January, the central government's net financing requirement amounted to kr. 0.4 billion, cf. table 2.

The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank decreased by kr. 3.9 billion in January, to an outstanding amount of kr. 256.6 billion. In January, Danmarks Nationalbank's net foreign-exchange purchases decreased the net position by kr. 2.9 billion.

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

Kr. billionJanuary 2025
The central government's net financing0.4
Redemption on domestic central-government debt*6.5
Net bond purchases by the government funds and own portfolio and financing of social housing-2.4
Other**0.3
The central government's gross domestic financing requirement4.9
The central government's gross domestic borrowing***7.5
The central government's liquidity impact-2.7
Danmarks Nationalbank's net foreign-exchange purchases-2.9
Danmarks Nationalbank's net bond purchases-0.2
Other factors****1.9
Change in net position-3.9

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, 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 31 January 2025 the discount rate has been 2.35 pct. p.a., since 31 January 2025 the current-account interest rate has been 2.35 pct. p.a., since 31 January 2025 the lending rate has been 2.5 pct. p.a. and since 31 January 2025 the rate of interest on certificates of deposit has been 2.35 pct. p.a.

Enquiries can be directed to press advisor Peter Levring on tel. +45 26201809.

BALANCE SHEET OF DANMARKS NATIONALBANK 31 JANUARY 2025

Assets 2025 2024
1000 kr.31/0131/12
Stock of gold40,309,04429,762,724
Foreign assets558,010,180548,340,415
Claims on the International Monetary Fund58,714,47857,525,170
Claims related to banks' and mortgage credit institutes' TARGET accounts in ECB30,57942,982
Monetary-policy lending- -
Other lending 1,114,997 1,315,889
- Banks'1) 1,114,997 1,315,889
- Miscellaneous loans - -
Domestic bonds33,648,31233,225,246
Financial fixed assets, etc.131,550131,550
Tangible and intangible fixed assets716,825653,764
Other assets5,138,1103,022,031
697,814,075674,019,771

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

Liabilities 2025 2024
1000 kr.31/0131/12
Banknotes46,956,72148,243,034
Coins6,117,4066,125,320
Monetary-policy deposits256,550,805260,449,069
- Current accounts256,550,805260,449,069
- Certificates of deposit- -
Other deposits15,546,28515,420,733
- Deposits related to banks' and mortgage credit institutes' TARGET accounts in ECB30,57942,982
- Other deposits from banks' and mortgage credit institutes'1,437,5031,241,319
- Miscellaneous deposits14,078,20314,136,432
Central government216,526,715211,734,874
Foreign liabilities3,382,5331,599,927
Counterpart of Special Drawing Rights allocated by the IMF (SDR)45,039,77643,743,945
Other liabilities23,986,8542,995,889
Capital and reserves83,706,98083,706,980
697,814,075674,019,771

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.