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Danish central bank ups deposit rate

Xinhua, January 8, 2016 Adjust font size:

Denmark's central bank on Thursday raised its interest rates on certificates of deposit by 10 basis point to -0.65 percent.

"Effective from Jan. 8, 2016, Danmarks Nationalbank's interest rate on certificates of deposit is increased by 0.10 percentage point," the central bank said in a statement.

The bank noted that the interest rate increase follows Danmarks Nationalbank' sale of foreign exchange in the market.

The lending rate, the discount rate and the current-account rate remain unchanged at 0.05 percent, 0.0 percent and 0.0 percent, respectively.

Meanwhile, Nationalbank said the monetary-policy counterparties' current-account limits will be reduced from 63 billion Danish kroner (about 9.07 billion U.S. dollars) to 32 billion kroner following the rate hike.

Danmarks Nationalbank conducts monetary policy by setting the monetary-policy interest rates. This is done via the lending and deposit facilities made available by Danmarks Nationalbank to banks and mortgage banks, namely the monetary-policy counterparties.

The reduction of the current-account limits is a consequence of the monetary-policy counterparties' reduced need to place liquidity in Danmarks Nationalbank, according to the bank. (1 U.S. dollar = 6.94 Danish kroner) Endit