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Denmark Pledges Limitless FX Interventions to Save Its Euro Peg
There is “no limit” to how much Denmark can hoard in foreign currency reserves to defend its euro peg, according to the central bank. After selling a record 106.3 billion kroner ($16.4 billion) last month, central bank reserves are now equivalent to about 30 percent of the country’s gross domestic product. The level poses no risks and is a reflection of how Denmark’s exchange-rate regime is designed to work, Karsten Biltoft, head of communications at the central bank in Copenhagen, said in a phone interview. The bank can produce an “unlimited supply of Danish kroner” to weaken the currency, he said. ... (full story)
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