THE FOREIGN-EXCHANGE RESERVE
In December 2025, the foreign-exchange reserve decreased by kr. 8.5 billion to kr. 651.1 billion. The decrease reflects Danmarks Nationalbank's net sale of foreign exchange for kr. 7.2 billion, and the central government's net repayment of foreign debt for kr. 1.3 billion, cf. table 1.
For settlement in December, 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. billion | December 2025 | January - December 2025 |
|---|---|---|
| Danmarks Nationalbank's interventions* to purchase foreign exchange, net | - | - |
| Other** | -7.2 | -2.5 |
| Danmarks Nationalbank's net foreign-exchange purchases | -7.2 | -2.5 |
| The central government's net foreign borrowing*** | -1.3 | -0.9 |
| Change in the foreign-exchange reserve | -8.5 | -3.3 |
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 December, the central government's net financing requirement amounted to kr. 31.2 billion. In 2025 the central government's net financing requirement has been kr. 15.7 billion, cf. table 2.
The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank increased by kr. 19.6 billion in December, to an outstanding amount of kr. 324.4 billion. In December, the central government's liquidity impact increased the net position by kr. 27.3 billion.
Impact of various factors on the net position of the banks and mortgage-credit institutes via-a-vis Danmarks Nationalbank - table 2
| Kr. billion | December 2025 | January - December 2025 |
|---|---|---|
| The central government's net financing | 28.4 | 12.9 |
| Redemption on domestic central-government debt* | 1.0 | 101.8 |
| Net bond purchases by the government funds and own portfolio and financing of social housing, private care housing and KommuneKredit | 1.5 | 17.7 |
| Other** | 0.6 | 1.2 |
| The central government's gross domestic financing requirement | 31.4 | 133.6 |
| The central government's gross domestic borrowing*** | 6.9 | 84.2 |
| The central government's liquidity impact | 24.5 | 49.4 |
| Danmarks Nationalbank's net foreign-exchange purchases | -7.2 | -2.5 |
| Danmarks Nationalbank's net bond purchases | 0.0 | -0.5 |
| Other factors**** | 2.4 | 17.5 |
| Change in net position | 19.6 | 63.9 |
Note: Details may not add because of rounding and previously published figure may have been revised. All transactions as per settlement date. The figures were corrected on 16 January 2026. The central government’s net financing has been revised from DKK 31.3 bn to DKK 28.4 bn for December, and from DKK 15.7 bn to DKK 12.9 bn for the year as a whole. The central government’s domestic gross financing requirement and liquidity impact have been adjusted accordingly. ‘Other factors’ have been revised from –0.4 bn to 2.4 bn for December, and from 14.8 bn to 17.5 bn for the full year.
* 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 6 June 2025 the discount rate has been 1.6 pct. p.a., since 6 June 2025 the current-account interest rate has been 1.6 pct. p.a., since 6 June 2025 the lending rate has been 1.75 pct. p.a. and since 6 June 2025 the rate of interest on certificates of deposit has been 1.6 pct. p.a.
Enquiries can be directed to press advisor Teis Hald Jensen on tel. +45 3363 6066.
BALANCE SHEET OF DANMARKS NATIONALBANK 31 DECEMBER 2025
| Assets | 2025 | 2025 |
|---|---|---|
| 1000 kr. | 31/12 | 30/11 |
| Stock of gold | 40,309,044 | 40,309,044 |
| Foreign assets | 557,380,890 | 566,140,938 |
| Claims on the International Monetary Fund | 59,562,133 | 59,387,233 |
| Claims related to banks' and mortgage credit institutes' TARGET accounts in ECB | 30,057 | 47,167 |
| Monetary-policy lending | - | - |
| Other lending | 1,302,286 | 1,085,416 |
| - Banks'1) | 1,302,286 | 1,085,416 |
| - Miscellaneous loans | - | - |
| Domestic bonds | 33,301,632 | 33,334,956 |
| Financial fixed assets, etc. | 131,550 | 131,550 |
| Tangible and intangible fixed assets | 850,058 | 848,212 |
| Other assets | 5,119,315 | 5,440,093 |
| 697,986,965 | 706,724,609 |
1) Other lending to banks include loans for cash deposits.
| Liabilities | 2025 | 2025 |
|---|---|---|
| 1000 kr. | 31/12 | 30/11 |
| Banknotes | 46,169,820 | 45,740,188 |
| Coins | 6,114,654 | 6,109,258 |
| Monetary-policy deposits | 324,386,067 | 304,803,353 |
| - Current accounts | 324,386,067 | 304,803,353 |
| - Certificates of deposit | - | - |
| Other deposits | 871,856 | 3,799,742 |
| - Deposits related to banks' and mortgage credit institutes' TARGET accounts in ECB | 30,057 | 47,167 |
| - Other deposits from banks' and mortgage credit institutes' | 391,282 | 466,358 |
| - Miscellaneous deposits | 450,517 | 3,286,217 |
| Central government | 161,496,380 | 187,293,852 |
| Foreign liabilities | 6,137,113 | 6,186,330 |
| Counterpart of Special Drawing Rights allocated by the IMF (SDR) | 45,039,776 | 45,039,776 |
| Other liabilities | 6,932,374 | 6,913,185 |
| Capital and reserves | 100,838,925 | 100,838,925 |
| 697,986,965 | 706,724,609 |
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.