Denmark raises rates to maintain euro peg

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National Bank of Denmark

The National Bank of Denmark increased the country’s policy rate by 50 basis points, to -0.1%, on July 21.

This was a direct response to the European Central Bank’s 50bp hike on July 20, the first since 2011. The raise means that “the monetary policy spread vis-à-vis the euro area will remain unchanged”, the Danish central bank said in a press release.

Denmark pegs its currency to the euro at a band around Dkr7.46 to €1, with a permitted fluctuation of no more than 2.25%. It has changed its

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