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.
cash and nostro accounts) have remained above 30% of its total assets at
terms the cash funds totaled 854.9 mln AMD ($2.1 mln, 93% growth versus Q3 2012), and the funds on nostro accounts in the banks
According to Iqbal, the Saadiq Euro Nostro Accounts will be available to clients globally, across Standard Chartered's entire network.
The Saadiq EUR Nostro accounts will be available to clients globally, across the Standard Chartered network.
The lender also has 360 correspondents and 22 Nostro accounts. Chimimport JSC controls more than 77% of CCBa[euro](tm)s votes directly and indirectly through related parties.
(Here, I use the term two-currency accounts or nostro accounts.)
Although, different components show that QoQ decline in borrowings was mainly contributed by secured borrowings, unsecured borrowings especially, the overdrawn Nostro accounts increased.
In late March, 2019, the volume of cash at the disposal of banks amounted to almost 1.34 billion manats, correspondent accounts with the Central Bank had 1.598 billion manats, and funds on nostro accounts (correspondent accounts with other banks) amounted to almost 2.562 billion manats.
Based on Hyperledger Fabric, the SWIFT trial focused on the use of nostro accounts, bank accounts held by banks inside other banks.
New Delhi: The CBI sought from the chief vigilance officers of five banks the details of financial transactions in the Nostro accounts of Punjab National Bank (PNB) on the basis of 293 fraudulent Letters of Undertaking issued by it to jewellers Nirav Modi and his maternal uncle Mehul Choksi.
SWIFT's proof of concept will determine if distributed ledger technology can help banks reconcile their nostro accounts in real time.