August 7, 2019 / 9:35 AM / 3 months ago

Italy's Target 2 liabilities hit new 14-month low in July

MILAN, Aug 7 (Reuters) - The Bank of Italy’s liabilities towards other euro zone central banks fell further in July, reaching a new 14-month low and returning where they stood before the current populist government was elected, data showed on Friday.

Italy’s so-called Target 2 debt fell to 435.89 billion euros ($487.46 billion), the lowest level since April 2018, compared with 447.58 billion euros in June, 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 last year, reaching 492.53 billion euros ($1 = 0.8942 euros) (Writing by Alessia Pé, editing by Valentina Za)

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