Definition, Meaning & Synonyms
nostro
noun
/ˈnɒstrəʊ/
Definition
A term used in banking and finance referring to accounts that a bank holds in a foreign currency in another bank.
Examples
- The nostro account allows the bank to conduct transactions in euros without the need for currency conversion.
- Many international transactions are processed through nostro accounts to streamline operations.
Meaning
In the context of international banking, ‘nostro’ accounts are accounts that a bank maintains with a foreign bank to facilitate transactions in foreign currencies.
Synonyms
- foreign currency account
- international account
