Tuesday August 4, 03:21 PM
Danish July forex reserves rise to DKK 336.4 bln
COPENHAGEN, Aug 4 (Reuters) - Denmark's foreign exchange reserves rose by 6.2 billion Danish crowns to 336.4 billion in July ($6.98 billion), the central bank said on Tuesday.
No consensus estimate was available, but Moody's Economy had estimated that the forex reserves would rise to 350.0 billion crowns, Nordea had expected a minor increase to 336.0 billion, and Fionia Bank (Copenhagen: AMSP.CO - news) had forecast a decline to 324.3 billion.
The central bank's currency reserve figures exclude central government foreign loan transactions.
Changes in the foreign reserves can signal that the central bank has been stabilising the crown or indicate that the bank may change its key interest rates.
European Union member but euro zone outsider Denmark's long-standing policy of maintaining a stable crown against the euro means that the central bank changes interest rates for the sole purpose of keeping the crown around its central parity of 7.46038 per euro.
Since the bank's policy shadows that of the European Central Bank, economists widely expect no change in Danish rates this week as the ECB's Governing Council is expected to keep rates unchanged at 1 percent on Thursday. ($1=48.20 Indian Rupee) Keywords: DENMARK RESERVES/
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