Implementing a holistic and dynamic risk budget
Since the 1980s, Denmark has successfully maintained a fixed exchange rate policy – first against the Deutschmark and, since 1999, against the euro. To support the currency peg and to safeguard financial stability, liquidity management of the country’s foreign reserves is of primary policy importance to the National Bank of Denmark. Over the past decade, the bank has intervened frequently in foreign exchange (forex) markets, and has had to navigate both massive currency outflows and inflows.
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