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Denmark’s cbank says earned 2 bln DKK on crown pressure in 2015

danske

Denmark’s central bank made a profit of just over 2 billion Danish crowns ($297.5 million) in 2015, partly due movements in the crown, it said on Wednesday.

Crowns were repurchased by the bank at a marginally lower exchange rate as investor interest in the Danish currency saw a decline. That small difference gave the central bank a profit of 0.8 billion crowns, it said.

According to the bank’s quarterly monetary review, Denmark also lowered its deposit of certificate rates to -0.75 per cent, resulting in substantial interest income.

This generated excess earnings of almost 1.5 billion crowns, it said.

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Lakshay

The author Lakshay