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Accounting in Trade Finance - Part 3 explains the different types of accounts used by banks

Accounting in Trade Finance - Part 3" explains the different types of accounts used by banks:<br><br>1. Customer Operative Accounts:<br><br>Savings Accounts: Primarily for individuals, used for personal purposes, and are interest-bearing.<br><br>Current Accounts: Primarily for businesses, used for commercial transactions, and do not earn interest.<br><br>2. Bank Operative Accounts:<br><br>Banks maintain accounts with other banks, typically in foreign currencies, for payment purposes. These accounts are referred to as Nostro and Vostro accounts, which are terms describing the same account from different perspectives.<br>

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Accounting in Trade Finance - Part 3 explains the different types of accounts used by banks

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