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Retail Banking Industry And Processes MCQs

What does the term "Nostro Account" imply?

It is another term for an Escrow Account

It is a banking term to describe an account a bank holds with a bank in a foreign country, usually in the currency of that country

It is an account with a bank from which any part of the balance may be withdrawn on demand

It is an account with two or more authorized signatories

Answer

Correct Answer: It is a banking term to describe an account a bank holds with a bank in a foreign country, usually in the currency of that country

Explanation:

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