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Italy's Target2 deficit rises to new record high in January
February 7, 2017 / 10:01 AM / 10 months ago

Italy's Target2 deficit rises to new record high in January

MILAN, Feb 7 (Reuters) - The Bank of Italy’s liabilities towards other euro zone central banks rose to 364.7 billion euros ($388.7 billion) in January, marking a new record high, according to data published by the central bank on Tuesday.

In December the country’s Target 2 deficit was 356.6 billion euros, down from a previous record high of 358.6 billion euros posted in November.

The Bank of Italy’s position within the Target 2 system, which settles cross-border payments in the euro zone, is monitored because it rising can indicate financial stress.

The increase in Target2 deficit posted last year was mainly driven by Italians investing more in foreign assets and domestic banks raising less funds on international markets, the Bank of Italy said last month. ($1 = 0.9383 euros) (Reporting by Francesca Landini and Giulio Piovaccari; editing by Agnieszka Flak)

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