In a move anticipated by financial markets to pre-empt any pressure on the krone following Thursday's referendum vote against joining the euro, Denmark's central bank on Friday morning raised its key lending rate by 50 basis points to 5.60 per cent, with immediate effect. The discount rate and rate of interest on banks' current accounts with the central bank stay unchanged at 4.50 per cent.

"The Danish fixed exchange rate policy will be continued after yesterday's referendum," the central bank said in a statement.

There has been a certain pressure against the krone in recent days. However, Bodil Nyboe Andersen, central bank governor, said there would be no change in policy. "The central bank will keep the exchange rate of the Danish krone stable vis-a-vis the euro, as has been the case since January 1, 1999 and until then vis-a-vis the Deutschmark."

"The fixed exchange rate policy has served Denmark well for the lat two decades and it is extremely important that this policy be maintained unchanged," Ms Andersen concluded.