February 7, 2020 / 4:13 PM / 9 days ago

Italy's Target 2 liabilities touch 3-year low in January

MILAN, Feb 7 (Reuters) - The Bank of Italy’s liabilities towards other euro zone central banks were sharply down in January, touching their lowest level in three years, after rising over 30 billion euros the previous month, data showed on Friday.

Italy’s so-called Target 2 debt fell to 383.248 billion euros ($420.12 billion), a record low since January 2017, compared with 439.449 billion euros in December, the Bank of Italy said.

A country’s Target 2 position is monitored as a sign of financial stress and imbalances within the euro zone. Target 2 debt could rise, for example, due to capital outflows.

Italy’s Target 2 debt hit an all-time record in August 2018, reaching 492.53 billion euros. ($1 = 0.9122 euros) (Alessia Pe, editing by James Mackenzie)

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