Denmark cuts to halt krone rise

national-bank-of-denmark

The National Bank of Denmark knocked a tenth of a percentage point of its benchmark rates on Thursday to stop the krone's appreciation.

The central bank cut the lending rate to 1.45% with effect from Friday, its rate on certificates of deposits to 1.35%, and its discount rate and interest rate on banks' current accounts to 1.1%.

The krone is pegged to the euro, with the central bank targeting an exchange rate of between Dkr7.62824 and DKr 7.29252. The currency has been in the ERM II since 1987.

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