(Bloomberg) -- Denmark, which has had negative interest rates longer than any other country, mirrored the European Central Bank and raised its benchmark rate to protect the krone’s peg to the euro.

The central bank in Copenhagen hiked its current account rate to minus 0.1% from minus 0.6%, according to a statement on Thursday.

The move followed the ECB’s decision on Thursday to raise its key rate to fight the spike in inflation, which has caused central banks from the US to Switzerland to rapidly abandon a decade of low borrowing costs. The ECB signaled that its expecting further policy tightening at upcoming meetings.

Thursday’s hike means that Denmark no longer has the world’s lowest policy rate as Nationalbanken -- which normally moves rates in tandem with the ECB -- climbed above the Swiss National Bank’s minus 0.25%. The central bank of AAA-rated Denmark, which for the first time introduced a negative policy rate a decade ago, doesn’t hold scheduled meetings and can adjust rates at any time to defend the peg. 

Analysts are projecting that Denmark will see an end to the world’s longest experiment in negative interest rates after the ECB meeting in September.

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