Record high Danish currency reserve
10 February 2012
The Danish currency reserve is at a historically high level which is an indication of strength to the global markets, writes the Jyllands-Posten daily newspaper.
The Danish currency reserve is a huge cash pile. The current figure is DKK 492,6 billion and the highest it has ever been.
According to Senior Economist Tore Stramer, the reason for this is that the international investors are drawing away from the Eurozone and right into the arms of Denmark which is considered a safe place to distribute capital in the current economic storm.
- The Danish Krone is strengthened relatively to the Euro and in order to counter this, Denmark’s National Bank has to purchase foreign currency in order to maintain the exchange rate, explains Tore Stramer.
In short, Danish economy is very well equipped for future challenges.
- We are well protected, which shows great strength to the markets. We emerge as a solid economy, states Tore Stramer.
The new record was achieved when the currency reserve increased by DKK 700 million in January this year.