Nostro Account


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Related to Nostro Account: 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 ?
Zimbabwe hunts down nostro accounts as liquidity crunch bites.
The Islamic Euro Nostro account will allow NBD to earn Shariah-compliant profits on its account balances at Standard Chartered Bank Germany Branch in Frankfurt, said a statement from the bank after signing the agreement at the recent banking summit 'SIBOS 2012' in Osaka, Japan.
MANAMA: Standard Chartered Bank yesterday launched the industry's first Islamic Euro Nostro account.
The connection between a nostro account and a vostro ac count may be noted.
When initiating payment instructions, the bank credits our nostro account held in the local currency held by that bank.
The group claimed its Islamic Nostro Account was the first of its kind to be offered by a mainstream Western bank.
The bank says its Islamic Nostro Account is the first of its kind to be offered by a mainstream Western bank.
According to the EFCC, Akingbola took APS1.3m from Intercontinental Bank Plc's GBP NOSTRO account at Deutsche Bank, London, and remitted same into the bank account of Fuglers Solicitors with the Royal Bank of Scotland Plc, London.
Total non-mark-up expenses reduced by 3 percent, mainly due to the reversal of provision booked in earlier years against funds blocked in the Bank's Nostro Account in the US, with the case being successfully settled in favor of the Bank.
3, 2016 from the RBI to bank executives warned of "a recent incident involving attempted unauthorized transfer of funds from the nostro account of a bank".
Upon receiving the messages from the PNB under SWIFT, the banks abroad transferred these amounts into NOSTRO account of the PNB with them.
amount due under L/C) in Nostro account of SBP for onward payment to the exporter in Iran and inform the same to SBP as per format attached as Annexure-A.