NOSTRO ACCOUNT Definition

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NOSTRO ACCOUNT is an account held by a bank in a foreign country in the currency of that country e.g., a German bank with an account in New York will call the record in its own books of its New York account a nostro account.

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RESIDUAL, generally, is something left after other parts have been taken away.

PERPETUITY, in finance, is an annuity payable forever.

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