Denmark Central Bank Policy Interest Rate (Denmark) - Historical Data
Historical time series of the Denmark Central Bank Policy Interest Rate set by the Danmarks Nationalbank (DNB) from 1946 to 2026. From 1 April 1992 onwards: interest rate of the certificates of deposits; from 2 Jan 1979 to 31 Mar 1992: official discount rate; from 1 Jan 1946 to 1 Jan 1979: discount rate. The latest benchmark reading is 2.10% (Sep 2026), corresponding to an ex-post real policy rate of +0.05% after adjusting for Denmark headline CPI inflation (2.05%).
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Current Statistics & Historical Records
Latest Reading (Sep 2026)
2.10%
Prev (Aug 2026): 1.85%+0.25 pp
Highest Recorded (Nov 1992)
15.00%
Peak monetary tightening by Danmarks Nationalbank (Denmark Central Bank Policy Interest Rate).
Lowest Recorded (Feb 2015)
-0.75%
Lowest policy interest rate stance set by Danmarks Nationalbank.
Long-Run Mean (1946–2026)
4.97%
81 annual observations · Monthly
Danmarks Nationalbank · DKK
Denmark Central Bank Policy Interest Rate (Denmark) (1946-2026)
% p.a.Drag to pan, scroll to zoom, or toggle between full archive (1946–2026) and recent monthly observations.
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Source: Bank for International Settlements (BIS) & Danmarks Nationalbank (WS_CBPOL:M:DK)
Latest: 2.10% (Sep 2026)
· Real Rate: +0.05%
DNB Policy Rate Averages by Decade
Decadal mean, peak, and trough across the 1946–2026 archive
| Decade | Years Covered | Decade Mean | Decade High (Year) | Decade Low (Year) |
|---|---|---|---|---|
| 1940s | 1946–1949 | 3.50% | 3.50% (1946) | 3.50% (1946) |
| 1950s | 1950–1959 | 5.10% | 5.50% (1954) | 4.50% (1953) |
| 1960s | 1960–1969 | 6.60% | 9.00% (1969) | 5.50% (1960) |
| 1970s | 1970–1979 | 8.90% | 11.00% (1976) | 7.00% (1972) |
| 1980s | 1980–1989 | 8.10% | 11.00% (1980) | 7.00% (1983) |
| 1990s | 1990–1999 | 6.24% | 13.00% (1992) | 3.30% (1999) |
| 2000s | 2000–2009 | 3.13% | 5.40% (2000) | 0.95% (2009) |
| 2010s | 2010–2019 | -0.28% | 0.70% (2010) | -0.75% (2015) |
| 2020s | 2020–2026 | 1.49% | 3.60% (2023) | -0.60% (2020) |
Complete Annual Historical Ledger (1946–2026)
Unit: % p.a. · Source: Bank for International Settlements (BIS) & Danmarks Nationalbank (WS_CBPOL:M:DK)
| Year | Annual Value (% p.a.) | Real Policy Rate (CPI-Adj) | Intra-Year Range (Min – Max) | Monetary Regime & Historical Context |
|---|---|---|---|---|
| 2026 | 2.10% | +0.65% | 1.60% – 2.10% | - |
| 2025 | 1.60% | -0.29% | 1.60% – 2.35% | Post-tightening monetary recalibration across advanced and emerging central banks |
| 2024 | 2.60% | +1.22% | 2.60% – 3.60% | G10 policy rates peak and pivot toward gradual monetary normalization |
| 2023 | 3.60% | +0.22% | 1.75% – 3.60% | - |
| 2022 | 1.75% | -5.93% | -0.60% – 1.75% | Global inflation surge triggers fastest synchronized rate hiking cycle in four decades |
| 2021 | -0.60% | -2.44% | -0.60% – -0.50% | - |
| 2020 | -0.60% | -1.02% | -0.75% – -0.60% | COVID-19 pandemic emergency rate cuts and record balance sheet expansion |
| 2019 | -0.75% | -1.49% | -0.75% – -0.65% | - |
| 2018 | -0.65% | -1.47% | -0.65% – -0.65% | - |
| 2017 | -0.65% | -1.79% | -0.65% – -0.65% | - |
| 2016 | -0.65% | -0.91% | -0.65% – -0.65% | Bank of Japan introduces Yield Curve Control (YCC); post-Brexit BoE easing |
| 2015 | -0.75% | -1.22% | -0.75% – -0.50% | - |
| 2014 | -0.05% | -0.60% | -0.10% – 0.05% | ECB and European peers introduce Negative Interest Rate Policy (NIRP) |
| 2013 | -0.10% | -0.88% | -0.10% – -0.10% | - |
| 2012 | -0.20% | -2.62% | -0.20% – 0.30% | - |
| 2011 | 0.30% | -2.45% | 0.30% – 1.20% | European Sovereign Debt Crisis and Swiss franc safe-haven surge |
| 2010 | 0.70% | -1.60% | 0.50% – 0.80% | - |
| 2009 | 0.95% | -0.37% | 0.95% – 3.00% | - |
| 2008 | 3.75% | +0.34% | 3.75% – 5.50% | Global Financial Crisis drives major central banks to the zero lower bound and QE1 |
| 2007 | 4.25% | +2.54% | 3.75% – 4.25% | - |
| 2006 | 3.75% | +1.86% | 2.40% – 3.75% | - |
| 2005 | 2.40% | +0.59% | 2.15% – 2.40% | - |
| 2004 | 2.15% | +0.98% | 2.15% – 2.15% | - |
| 2003 | 2.15% | +0.07% | 2.15% – 2.95% | - |
| 2002 | 2.95% | +0.52% | 2.95% – 3.60% | - |
| 2001 | 3.60% | +1.23% | 3.60% – 5.40% | Dot-com bust and synchronized G10 monetary easing cycle |
| 2000 | 5.40% | +2.47% | 3.30% – 5.60% | - |
| 1999 | 3.30% | +0.82% | 2.85% – 3.75% | Launch of the Euro and establishment of the European Central Bank (ECB) |
| 1998 | 3.95% | +2.13% | 3.75% – 5.00% | - |
| 1997 | 3.75% | +1.57% | 3.50% – 3.75% | Asian Financial Crisis triggers emergency EM currency defense hikes |
| 1996 | 3.50% | +1.34% | 3.50% – 4.35% | - |
| 1995 | 4.60% | +2.52% | 4.60% – 7.00% | - |
| 1994 | 5.50% | +3.50% | 5.50% – 6.25% | Global bond market selloff and pre-emptive Federal Reserve tightening cycle |
| 1993 | 6.75% | +5.53% | 6.75% – 12.50% | - |
| 1992 | 13.00% | +10.89% | 9.50% – 15.00% | European Exchange Rate Mechanism (ERM) crisis and Black Wednesday |
| 1991 | 9.50% | +7.09% | 9.00% – 9.50% | - |
| 1990 | 8.50% | +5.85% | 7.00% – 8.50% | German reunification tightening and Japanese asset bubble peak |
| 1989 | 7.00% | +2.22% | 7.00% – 7.00% | - |
| 1988 | 7.00% | +2.47% | 7.00% – 7.00% | - |
| 1987 | 7.00% | +3.01% | 7.00% – 7.00% | Louvre Accord and Black Monday central bank liquidity provision |
| 1986 | 7.00% | +3.29% | 7.00% – 7.00% | - |
| 1985 | 7.00% | +2.32% | 7.00% – 7.00% | Plaza Accord coordinated G5 currency intervention depreciates USD |
| 1984 | 7.00% | +0.65% | 7.00% – 7.00% | - |
| 1983 | 7.00% | +0.13% | 7.00% – 10.00% | - |
| 1982 | 10.00% | -0.17% | 10.00% – 11.00% | - |
| 1981 | 11.00% | -0.70% | 11.00% – 11.00% | Volcker disinflation peak pushes benchmark policy rates to postwar highs |
| 1980 | 11.00% | -1.33% | 11.00% – 13.00% | - |
| 1979 | 11.00% | +1.41% | 8.00% – 11.00% | Second oil shock; Paul Volcker appointed Federal Reserve Chair |
| 1978 | 8.00% | -2.08% | 8.00% – 9.00% | - |
| 1977 | 9.00% | -2.13% | 9.00% – 10.00% | - |
| 1976 | 11.00% | +2.13% | 7.50% – 11.00% | - |
| 1975 | 7.50% | -2.26% | 7.50% – 9.00% | - |
| 1974 | 10.00% | -5.24% | 10.00% – 10.00% | First OPEC oil shock triggers global stagflation and steep policy rate hikes |
| 1973 | 9.00% | -0.28% | 7.00% – 9.00% | - |
| 1972 | 7.00% | +0.44% | 7.00% – 8.00% | - |
| 1971 | 7.50% | +1.62% | 7.50% – 8.00% | Nixon Shock suspends USD gold convertibility; Bretton Woods system ends |
| 1970 | 9.00% | +2.50% | 9.00% – 9.00% | - |
| 1969 | 9.00% | +5.51% | 6.00% – 9.00% | - |
| 1968 | 6.00% | -2.13% | 6.00% – 7.50% | - |
| 1967 | 7.50% | -0.62% | 6.50% – 7.50% | - |
| 1966 | 6.50% | -0.60% | 6.50% – 6.50% | Credit crunch of 1966 and monetary tightening |
| 1965 | 6.50% | -0.35% | 6.50% – 6.50% | - |
| 1964 | 6.50% | +3.36% | 5.50% – 6.50% | - |
| 1963 | 5.50% | -0.68% | 5.50% – 6.50% | - |
| 1962 | 6.50% | -0.86% | 6.50% – 6.50% | - |
| 1961 | 6.50% | +3.04% | 5.50% – 6.50% | - |
| 1960 | 5.50% | +4.26% | 5.50% – 5.50% | - |
| 1959 | 5.00% | +3.27% | 4.50% – 5.00% | - |
| 1958 | 4.50% | +3.21% | 4.50% – 5.50% | Eisenhower recession and global monetary easing |
| 1957 | 5.50% | +2.31% | 5.50% – 5.50% | - |
| 1956 | 5.50% | -0.33% | 5.50% – 5.50% | - |
| 1955 | 5.50% | +0.99% | 5.50% – 5.50% | - |
| 1954 | 5.50% | +5.02% | 4.50% – 5.50% | Post-Korean War Federal Reserve policy rate normalization |
| 1953 | 4.50% | +4.04% | 4.50% – 5.00% | - |
| 1952 | 5.00% | +0.66% | 5.00% – 5.00% | - |
| 1951 | 5.00% | -6.44% | 5.00% – 5.00% | - |
| 1950 | 5.00% | +0.56% | 3.50% – 5.00% | - |
| 1949 | 3.50% | +1.93% | 3.50% – 3.50% | - |
| 1948 | 3.50% | +1.03% | 3.50% – 3.50% | - |
| 1947 | 3.50% | +0.97% | 3.50% – 3.50% | - |
| 1946 | 3.50% | +4.10% | 3.50% – 3.50% | - |
Frequently Asked Questions - DNB Policy Rate
What is the current Denmark Central Bank Policy Interest Rate?
As of Sep 2026, the Denmark Central Bank Policy Interest Rate is 2.10% per annum. Adjusted for headline inflation (2.05%), the ex-post real policy rate in Denmark stands at +0.05%.
What was the highest and lowest Danmarks Nationalbank interest rate on record?
Across the 1946-2026 archive, the Denmark Central Bank Policy Interest Rate reached a record high of 15.00% in Nov 1992 and a record low of -0.75% in Feb 2015. The long-run annual mean is 4.97%.
What is the Danmarks Nationalbank inflation target?
The Danmarks Nationalbank operates with an official inflation target of Fixed Exchange Rate Policy (ERM II EUR Peg). Its statutory mandate is: Ensure stable prices through the fixed exchange rate policy against the euro.
Statistical Provenance
Source Metadata & Methodology Notes
- Primary Institution:
- Bank for International Settlements (BIS) & Danmarks Nationalbank
- Dataset / Dataflow:
- BIS Central Bank Policy Rates (WS_CBPOL)
- Canonical Series ID:
- WS_CBPOL:M:DK
- Reuse & License:
- Terms of permitted use of BIS statistics
- Primary compilation: From 1 April 1992 onwards: interest rate of the certificates of deposits; from 2 Jan 1979 to 31 Mar 1992: official discount rate; from 1 Jan 1946 to 1 Jan 1979: discount rate.
- Reporting agency: Danmarks Nationalbank; harmonized and disseminated via the BIS WS_CBPOL statistical dataflow.
- Annual table values represent the year-end (December or latest available month) policy rate reading; minimum and maximum columns record the intra-year policy rate corridor.
- Ex-Post Real Policy Rate series is computed as Nominal Policy Rate (% p.a.) minus contemporaneous year-on-year Headline CPI Inflation (% from BIS WS_LONG_CPI).
Academic & Media Attribution
Cite This Dataset (APA & BibTeX)
APA 7th Edition
CentralBankData.com. (2026). Denmark Central Bank Policy Interest Rate (Denmark), compiled from Bank for International Settlements (WS_CBPOL:M:DK). https://centralbankdata.com/denmark-central-bank-interest-rate
BibTeX
@misc{cbd_cbpol_denmark,
author = {CentralBankData.com},
title = {Denmark Central Bank Policy Interest Rate (Denmark)},
note = {Compiled from Bank for International Settlements WS_CBPOL:M:DK},
year = {2026},
url = {https://centralbankdata.com/denmark-central-bank-interest-rate}
}Related Danmarks Nationalbank & Global Series
Full Danmarks Nationalbank profile →Consumer Price Inflation Rates & Targets
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