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Medieval and later

30 April, 2015 - 15:34

During the fifteenth century the Medici family were required to open banks at foreign locations in order to exchange currencies to act for textile merchants 1, 2. To facilitate trade the bank created the nostro (from Italian translated - "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 3, 4, 5, 6. During the 17th (or 18th ) century Amsterdam maintained an active forex market 7.  During 1704 foreign exchange took place between agents acting in the interests of the nations of Engaland and Holland 8.