COPENHAGEN: Denmark foreign exchange reserves fell by 22.2 billion crowns in November to 467.7 billion Danish crowns ($84.74 billion), the central bank said on Friday.
The bank said it intervened in the forex market in November, selling a net 10.7 billion crowns for other currencies, to steady the crown.
The bank sometimes intervenes in the foreign exchange market, buying or selling crowns, to strengthen or weaken the Danish currency within its band to the euro. If such intervention fails to have the desired effect, the bank changes interest rates.
European Union member but euro zone outsider Denmark's policy of holding the crown steady against the euro means that the central bank shifts interest rates for the sole purpose of keeping the crown around its central parity of 7.46038 per euro
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