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.
- ‘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.’
- ‘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.’
- ‘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.’
- ‘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.’
Vostro from Italian, ‘your, yours’.
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