currency exchanges
During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants. To facilitate trade, the bank created the nostro from Italian, this translates to "ours" account book which contained two columned entries showing amounts of foreign and local currencies; information pertaining to the keeping of an account with a foreign bank. During the 17th or 18th century, Amsterdam maintained an active Forex market. In 1704, foreign exchange took place between agents acting in the interests of the Kingdom of England and the County of Holland. At the end of 1913, nearly half of the world's foreign exchange was conducted using the pound sterling. The number of foreign banks operating within the boundaries of London increased from 3 in 1860, to 71 in 1913.
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currency exchanges