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what is Reconciliation-NOSTRO,VOSTRO?
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Answer Posted / sushi
Nostro Account is an Account Maintained by One bank with
another correpsonding forgiegn bank in its Local Currency.
The Reconciliations of our General Ledger Entries with
Corresponding Bank Statements with whom we open an account
is said to be Nostro Account Reconciliations. The main
advantage of Nostro Account Reconciliation is that there is
no chance of Excahnge rate between the transactions.
Vostro Account is totally in reverse to What Nostro Account
is. Vostro Means the Correspondent Bank Account which we
are Maintaining with us in forgien currency.
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