November 15, 2017 / 11:15 AM / a year ago

There's no magic below zero interest rates: Denmark's c. banker

FRANKFURT, Nov 15 (Reuters) - Denmark’s five-year experience with a negative interest rate on bank deposits show fears of a massive switch to cash were exaggerated, the country’s central bank governor said on Wednesday.

“Basically, negative interest rates have just been a continuation of low interest rates,” Lars Rohde told a conference in Frankfurt.

“There is no magic below zero, I have to say, and we’ve found out that the inconvenience costs of cash are quite high.” (Reporting By Francesco Canepa; Editing by Balazs Koranyi)

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