In September 1998, the level of gross reserves, at $ billion was still very small in absolute terms and relative to the net oversold forward book of approximately $ billion. By May 2003, the NOFP was marginally positive; but by February 2004, the positions in the oversold forward book were balanced and gross reserves had started to increase.
To better address these contingencies and to preserve its financial independence, the Bank of Italy has strengthened its capital in recent years – marked by strong monetary expansion – partly thanks to particularly high profits.