In the course of the 15th century, the Medici family members were required to open up banking institutions at international destinations so as to Trade currencies to act on behalf of textile retailers.[eleven] To facilitate trade, the financial institution created the nostro (from Italian, this translates to "ours") account guide which contained two columned entries exhibiting amounts of overseas and native currencies; details pertaining into the maintaining of an account by using a foreign financial institution.
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