One of the mysteries of the English language finally explained.
A bank account held by a foreign bank with a UK bank, usually in sterling.
- ‘Scales can be calculated both on debit and on credit sides for both nostro and vostro accounts and may be set up according to tiered balances.’
- ‘The system of nostro and vostro accounts facilitates foreign exchange dealings and settlements and allows the settlement of currency transactions between Australian and foreign banks.’
- ‘Local banks may not enter into a swap of the type mentioned above unless an underlying contract relating to a current account (balance of payments) transaction exists or non-resident banks maintain credit balances in Maltese Liri in their vostro accounts which they may wish to swap for limited periods.’
- ‘For the sake of completeness it is as well to note the banker's jargon that the account which Bank X maintains with its correspondent Bank Y is called a nostro account; that which Bank Y maintains with Bank X is called a vostro account.’
Vostro from Italian, ‘your, yours’.
Top tips for CV writingRead more
In this article we explore how to impress employers with a spot-on CV.