June 8, 2017 / 10:09 AM / 5 months ago

Italy's Target2 balance hits new record high in May

MILAN, June 8 (Reuters) - The Bank of Italy’s liabilities towards other euro zone central banks rose to a new record high of 421.583 billion euros ($473.5 billion) in May, according to data published by the central bank on Thursday.

In April the country’s Target 2 deficit was 411.595 billion euros, down from a previous record high of 419.84 billion euros posted in March.

The Bank of Italy’s position within the Target 2 system, which settles cross-border payments in the euro zone, is monitored because its increase can indicate financial stress. ($1 = 0.8904 euros) (Reporting by Stephen Jewkes)

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