May 8, 2020 / 10:06 AM / 23 days ago

Italy's Target 2 liabilities touch all-time high in April

MILAN, May 8 (Reuters) - The Bank of Italy’s liabilities towards other euro zone central banks rose sharply in April, reaching an all-time high, data showed on Friday, reflecting the growing impact of the coronavirus outbreak.

Italy’s so-called Target 2 debt was up to 512.899 billion euros ($555.88 billion) compared with 491.642 billion euros in March, 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.

The Bank of Italy started publishing its Target 2 debt position in September 1997. ($1 = 0.9227 euros) (Writing by Alessia Pé, editing by Maria Pia Quaglia)

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