nostro account in FinancePowered by COBUILD (nɔstroʊ əkaʊnt)
Word forms: (regular plural) nostro accounts
(Finance: Banking) A nostro account is an account that a bank holds with another bank in a foreign country in the foreign currency."nostro" is from the Latin "noster", meaning "our" ⇒ A nostro account is maintained by an Indian Bank in the foreign countries for the easy clearing of their transactions. ⇒ If the bank pays a demand drawn on it by its correspondent bank, the correspondent bank credits the nostro account of the paying bank while issuing the demand draft. ⇒ A nostro account is an account that a bank holds with another bank in a foreign country in the foreign currency.
Word originsLatin wordsSeveral other financial terms include Latin words. A vostro account is an account that a domestic bank holds for another foreign bank in the domestic bank's currency."Vostro" is from the Latin "voster", meaning "your".Ad valorem is an adjective that describes a tax charged at the estimated value of the goods being charged, and is the Latin for "according to value", and in the phrase cum dividend, "cum" means "with", so investors who buy shares cum dividend are entitled to a recently issued dividend.