Today the Bank of Italy’s reserves comprise more than 2,500 tonnes of gold and foreign assets, net of repurchase agreements, worth 82 trillion lire, compared with ó trillion in 1992. Underlying the lira’s solidity is the return to balance between Italy’s external assets and liabilities.
At the end of 1992 Italy had external claims of 600 trillion lire and external liabilities amounting to 770 trillion. The net debt of 170 trillion was equal to 11 per cent of GDP.