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About Danmarks Nationalbank

Foreign Exchange and Liquidity and Monthly Balance Sheet, MARCH 2015

In March 2015 the foreign-exchange reserve increased by kr. 0.1 billion to kr. 737.1 billion.


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THE FOREIGN-EXCHANGE RESERVE

In March 2015 the foreign-exchange reserve increased by kr. 0.1 billion to kr. 737.1 billion. The increase reflects Danmarks Nationalbank's net purchase of foreign exchange for kr. 0.2 billion, and the central government's net repayment of foreign debt for kr. 0.1 billion, cf. table 1.

In March, 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. billionMarch 2015January-March 2015
Danmarks Nationalbank's interventions* to purchase foreign exchange, net0.0274.9
Other**0.25.7
Danmarks Nationalbank's net foreign-exchange purchases0.2280.6
The central government's net foreign borrowing***-0.1-1.0
Change in the foreign-exchange reserve0.1279.6

Note: Details may not add because of rounding. 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, EU-payments, 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 March, the central government's net financing requirement amounted to kr. -26.6 billion. Since the turn of the year, the central government’s net financing requirement has been kr. -51.0 billion, cf. table 2.

The net position of the banks and mortgage-credit institutes vis-à-vis Danmarks Nationalbank decreased by kr. 5.6 billion in March, to an outstanding amount of kr. 353.7 billion. In March, transactions by the central government reduced the net position by kr. 7.4 billion.

IMPACT OF VARIOUS FACTORS ON THE NET POSITION OF THE BANKS AND MORTGAGE-CREDIT INSTITUTES VIS-À-VIS DANMARKS NATIONALBANK – TABLE 2

Kr. billionMarch 2015January-March 2015
The central government's net financing-26.6-51.0
Redemption on domestic central-government debt *0.00.0
Other**0.5-6.5
The central government's gross domestic financing requirement-26.1-57.5
The central government's gross domestic borrowing***-18.6-8.1
The central government's liquidity impact-7.4-49.4
Danmarks Nationalbank's net foreign-exchange purchases0.2280.6
Danmarks Nationalbank's net bond purchases0.0-0.7
Other factors****1.73.1
Change in net position-5.6233.7

Note: Details may not add because of rounding. 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 6 July 2012 the discount rate has been 0.00 per cent, since 1 June 2012 the current-account interest rate has been 0.00 per cent, since 20 January 2015 the lending rate has been 0.05 per cent and since 6 February 2015 the rate of interest on certificates of deposit has been -0.75 per cent.

Enquiries can be directed to Karsten Biltoft on tel.: (+45) 33 63 60 21.

Balance sheet of Danmarks Nationalbank 31 March 2015

Assets201520152014
1000 kr.31/0328/0231/03
Stock of gold15,707,16715,707,16713,914,740
Foreign assets704,865,927703,582,482425,980,851
Claims on the International Monetary Fund18,139,79718,854,50119,308,857
Claims related to banks' and mortgage credit
institutes' TARGET accounts in ECB6,848,01019,9134,398,310
Monetary-policy lending558,319473,30215,348,354
Other lending3,735,4913,386,1982,847,374
Banks'1)3,696,7443,347,0182,800,988
Misc. loans38,74739,18046,386
Domestic bonds33,011,73233,011,73232,097,896
Shares etc.802,211802,2111,064,711
Tangible and intangible fixed assets758,467757,143748,207
Other assets3,318,1482,634,1142,295,068
787,745,269779,228,763518,004,368
1) Including loans financing decentralised banknote holdings.
Liabilities201520152014
1000 kr.31/0328/0231/03
Banknotes60,991,25560,102,08458,583,531
Coins5,861,4335,860,1315,810,657
Monetary-policy deposits354,264,339359,795,373172,616,550
Net current accounts159,176,33931,844,37364,509,550
Certificates of deposit195,088,000327,951,000108,107,000
Other deposits18,329,24411,261,93112,927,653
Deposits related to banks' and mortgage credit6,848,01019,9134,398,310
institutes' TARGET accounts in ECB
Other deposits from banks' and141459,393
mortgage credit institutes'
Misc. deposits11,481,22011,241,8738,519,950
Central government261,831,740254,314,456191,804,862
Foreign liabilities1,567,4361,070,925212,140
Counterpart of Special Drawing Rights
allocated by the IMF (SDR)13,575,43913,575,43912,773,407
Other liabilities3,167,96110,288,535315,679
Capital and reserves68,156,42262,959,88962,959,889
787,745,269779,228,763518,004,368