What changed in the Danmarks Nationalbank statement — 6 March 2025

Danmarks Nationalbank cut policy at 2.25%. The March statement confirms the same rate cut as January, fully tied to ECB's action, and adds explicit language that the currency peg spread remains unchanged, reinforcing Danmarks Nationalbank's passive role. For the next decision, DN will again follow ECB's lead, with no independent policy signal.

Decision

Decision: cut
Lending rate: 2.25%

What changed

The March statement confirms the same rate cut as January, fully tied to ECB's action, and adds explicit language that the currency peg spread remains unchanged, reinforcing Danmarks Nationalbank's passive role. For the next decision, DN will again follow ECB's lead, with no independent policy signal.

Inflation — Little changed. No relevant inflation passages in either document; no shift assessed.
Labour Market — Little changed. No relevant labour market passages in either document; no shift assessed.
Rate Path — Little changed. Both documents show a 0.25pp rate cut tied to ECB, with current adding a reaffirmation of unchanged monetary policy spread; no directional shift in stance.
Balance Sheet — Little changed. No relevant balance sheet passages in either document; no shift assessed.

Previous wording

Danmarks Nationalbank lowers the current-account rate, the rate of interest on certificates of deposit, the lending rate and the discount rate by 0.25 percentage point with effect from 31 January 2025.
rate path: Rate cut confirms loosening, following ECB's move.

The interest rate reduction is a consequence of the reduction by the European Central Bank of its main monetary policy rate, the deposit facility rate, by 0.25 percentage point. Thereby, the monetary policy spread vis-á-vis the euro area will remain unchanged.
rate path: Policy is fully tied to ECB; no independent stance signaled.

Current wording

Danmarks Nationalbank lowers the current-account rate, the rate of interest on certificates of deposit, the lending rate and the discount rate by 0.25 percentage point with effect from 7 March 2025.
rate path: Direct rate cut confirms easing bias.

The interest rate reduction is a consequence of the reduction by the European Central Bank of its main monetary policy rate, the deposit facility rate, by 0.25 percentage point.
rate path: Explains the pass-through from ECB, no independent action.

Official statement

Press releases are short texts about important news from Danmarks Nationalbank. Press releases are primarily aimed at journalists or those interested in instant and direct news updates, for example on interest rate changes.

Interest rate reduction

Danmarks Nationalbank lowers the current-account rate, the rate of interest on certificates of deposit, the lending rate and the discount rate by 0.25 percentage point with effect from 7 March 2025.

6 March 2025

Danmarks Nationalbank lowers the current-account rate, the rate of interest on certificates of deposit, the lending rate and the discount rate by 0.25 percentage point with effect from 7 March 2025.

The interest rate reduction is a consequence of the reduction by the European Central Bank of its main monetary policy rate, the deposit facility rate, by 0.25 percentage point. Thereby, the monetary policy spread vis-á-vis the euro area will remain unchanged.

Effective from the above date, Danmarks Nationalbank's interest rates are:

Current-account rate: 2.10 per cent p.a.

Certificates of deposit rate: 2.10 per cent p.a.

Lending rate: 2.25 per cent p.a.

Discount rate: 2.10 per cent p.a.

Enquiries can be directed to press advisor Teis Hald Jensen on tel. +45 3363 6066.

Read the official source

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Background reading

Cadence's comparison is generated from the official documents. Read the methodology.