Nostro Account

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Related to nostro accounts: Vostro Account

Nostro Account

An account at a foreign bank where a domestic bank keeps reserves of a foreign currency. A bank keeps a nostro account so that it does not have to make a currency conversion (which brings with it foreign exchange risk) should an account holder make a deposit or a withdrawal in that foreign currency. See also: Vostro Account.
References in periodicals archive ?
The Zimbabwe Revenue Authority (Zimra) has indicated that it is scouring the globe for nostro accounts held by local banks, a move that is likely to send jitters across the financial services sector.
National Bank for Development (NBD), in collaboration with Abu Dhabi Islamic Bank Group inked up to Standard Chartered Bank s Islamic Euro Nostro Account.
Egypt's National Bank for Development (NBD), in co-operation with Abu Dhabi Islamic Bank Group has signed up to Standard Chartered's Islamic Euro Nostro account, which enables Islamic banks to earn Shariah-compliant profits on their account balances at the bank's Frankfurt branch.
Standard Chartered Bank (SCB) has announced the launch of the banking industry's first Islamic Euro Nostro Account.
TLM Cash Management will support a more efficient way to view funding requirements across the nostro accounts, enabling the bank to make better, more informed funding decisions.
Standard Chartered Bank has announced the launch of the industry's first Islamic Euro Nostro Account, enabling Islamic banks across the world to earn Shariah-compliant profits on their account balances at the bank's Frankfurt branch.
Pakistan's Bank Alfalah was the first to sign an agreement with Standard Chartered Bank for Islamic Euro Nostro Account at the recently concluded Bankers Conference 2012 which was held in Istanbul, Turkey.
Nostro accounts are typically foreign currency accounts maintained to
With this latest version of TLM Cash Management, banks can deliver more proactive cash management services to nostro accounts and support corporates more effectively through the provision of accurate forecasting.
SunGard's Ambit Reconciliation solution will help provide matching coverage for cash and treasury including cash positions, FX, nostro accounts and internal accounts as well as for securities including positions, movements, confirmations and statements across all asset classes.
All central bank and nostro accounts are managed in LMS.
Presently over 1000 banks from nearly 70 countries across the globe maintain their Nostro accounts with Mashreq.