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Nostro account

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Nostro account
A banking term to describe an account one bank holds with a bank in a foreign country, usually in the Currency of that foreign country.
        
This allows for easy Cash management because Currency doesn't need to be converted.
    
A bank counts a Nostro account with a credit balance as a Cash asset in its Balance Sheet. Nostro accounts are mostly commonly used for Currency settlement, where a bank or other financial Institution needs to hold balances in a Currency other than its home accounting unit.
Posted by  Spintelligent (Pty) Ltd
 
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