Central Bank Report Round-Up

This month, our periodic series of articles covering cash information in central bank annual reports focuses on three countries in Europe, with updates from Denmark, Portugal, and Spain.

Danmarks Nationalbank (DNB)

Danmarks Nationalbank (DNB)’s 2025 Annual Report detailed a planned reduction in reliance on legacy banknotes whilst updating and redesigning its future cash in circulation.

By the end of 2025, there were DKK 52.3 billion worth of banknotes (46.2 billion) and coins (6.1 billion) in use. Total circulation ended the year at DKK 2.1 billion less than the previous year, corresponding to a decrease of 3.8%, mostly due to a reduction in circulating banknotes.

Banknote withdrawal: the decrease in cash in circulation was largely driven by the recall of older banknote series (the series from 1944 to 1997) and the phasing out of 1,000 kroner banknotes. During 2025, around DKK 2.3 billion worth of recalled banknotes were handed over, of which DKK 2.0 billion were 1,000 kroner banknotes from the 2009 series, and the remaining DKK 0.3 billion comprised of the older banknote series.