Nostro account: Difference between revisions
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== See also == | == See also == | ||
* [[Account]] | |||
* [[Correspondent banking]] | * [[Correspondent banking]] | ||
* [[Loro account]] | * [[Loro account]] | ||
Latest revision as of 14:27, 6 July 2022
1.
An account held by a domestic bank with a (different) foreign bank to facilitate foreign currency transactions.
2.
An account held by a bank with a foreign bank, specifically when the account balance stands in favour of the domestic bank.
The term 'nostro' is derived from Latin, meaning 'in our favour'.
(In this context, the term 'vostro account' is used when the balance on the account stands in favour of the foreign bank.)
