Dhaka, March 2 -- Banks encountered difficulties in handling payments on Friday due to an extraordinary, full-day malfunction of the European Central Bank's (ECB) system that supports the movement of trillions of euros. The ECB said late Thursday it had fixed the roughly seven-hour outage in its payment system, which had left transactions likely worth trillions of euros from firms, consumers and investors up in the air. The breakdown, which has dealt a blow to the international standing of the central bank behind one of the globe's most important currencies, continued to reverberate on Friday. The malfunction of the so-called Target 2 system (T2), used to settle more than 3 trillion euros ($3.12 trillion) of daily payments and financial tra...
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