nostro account


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Related to nostro account: Vostro Account

nostro account

(ˈnɒstrəʊ)
n
(Banking & Finance) a bank account conducted by a British bank with a foreign bank, usually in the foreign currency. Compare vostro account
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References in periodicals archive ?
The EFCC accused the Akingbola of converting $1.3 million and $8.5 taken from the bank's GBP NOSTRO account at Deutsche Bank in London.
The bank's profit from discontinuing operation has increased from Rs.201 million to 475 million and includes reversal of provision amounting to Rs.444 million (USD 3.949 million), previously held against amount blocked in the Bank's Nostro account following settlement of dispute, and release of funds in favour of the Bank.
The overseas Pakistanis transmitted their donations through debit and credit cards and in the SBP Nostro account and commercial banks overseas.
Using existing technology, when a person wants to send money across borders, domestic banks must source their own liquidity at the foreign bank; that is, the bank sending money to a foreign bank must maintain dormant capital at the correspondent bank in a Nostro account. These accounts are denominated in the foreign currency as a way to hedge exchange fluctuations and facilitate the settlement of foreign exchange and trade transactions; they hold trillions of dollars that sit dormant, require banks to pay fees, and are subject to regular compliance testing.
Based on these LoUs, the foreign branches of Indian banks like Axis bank and Allahabad bank transferred money to the bank's Nostro account - an account that an Indian bank has with an overseas bank - from where the money was transferred to the overseas parties.
The amounts were routed through HSBC Bank in New York, through PNB's NOSTRO account there.
Second, the correspondent bank provides foreign exchange for the transaction through a local account at a foreign correspondent bank ("nostro account").
Finally, SWIFT gpi is exploring distributed ledger technology for real-time nostro account reconciliation.
We will open a dedicated office there by the end of the year to ensure we are the first bank to be referenced for further incoming Chinese investment and we will set up a Yuan Nostro account too.
Nostro account funds grew by 45.3% to 101.3bln AMD or $249.4mln, cash by 12% to 92.5bln AMD or $203mln.
A nostro account is a bank account held in a foreign country by a domestic bank, denominated in the currency of that country.
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.