πŸ“’ Too many exams? Don’t know which one suits you best? Book Your Free Expert πŸ‘‰ call Now!


    Question

    Which one is the name given to the foreign currency

    account maintained by a bank abroad
    A Nostro Account Correct Answer Incorrect Answer
    B Vostro Account Correct Answer Incorrect Answer
    C Loro Account Correct Answer Incorrect Answer
    D Foreign Account Correct Answer Incorrect Answer
    E None of the Above Correct Answer Incorrect Answer

    Solution

    A Nostro Account is an account denominated in a foreign currency established through local bank at a bank in the respective country of the currency desired. The terms "nostro" and "vostro" are derived from Latin terms meaning "ours" and "yours" respectively.

    Practice Next
    ask-question