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Internship Report on “Foreign Exchange Operation”

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Internship Report on “Foreign Exchange Operation” Internship report on “Foreign Exchange Operation” of Export Import Bank of Bangladesh Limited / EXIM Bank Ltd. Submitted to: Submitted by: Md. Hasan Maksud Chowdhury Md. Shamsuddin Meraj Assistant Professor ID: 13164065 BRAC Business School MBA Program BRAC University BRAC Business School BRAC University Date of Submission: 01-March-2018 Page 1 Letter of Transmittal 01-March-2018 Md. Hasan Maksud Chowdhury Assistant Professor BRAC Business School BRAC University. Subject: To accept the Internship Report on Foreign Exchange Operation of Export Import Bank of Bangladesh Limited, Gulshan Branch. Dear Sir, I would like to thank you for giving me the opportunity of doing this assignment to prepare the Report. I have got the opportunity to work in Exim Bank Limited for my internship program which is an essential part of my academic program. It is a great achievement to work under your active supervision. The whole report is prepared based on my practical experience in the Bank. I have explained all that I have learnt during the internship program in Exim Bank Limited, Gulshan Branch. I shall be highly obliged if you are kind enough to accept this report and provide your valuable judgment. So this is my humble request to you to accept this report and I will be available to explain any queries if you feel necessary. Sincerely yours, _____________________ Md. Shamsuddin Meraj ID: 13164065 BRAC Business School BRAC University i Page 2 Letter of Endorsement This is to certify that internship report on Foreign Exchange Operation of Export Import Bank of Bangladesh Limited, Gulshan Branch is done by Md. Shamsuddin Meraj, ID NO#13164065 as partial fulfillment of the requirement of MBA program from the BRAC Business School, BRAC University. It is find that there are around 67% plagiarism in the report. The report has been prepared under my guidance. _______________________ Signature of the Supervisor Md. Hasan Maksud Chowdhury Assistant Professor BRAC Business School BRAC University. ii Page 3 Acknowledgement At the very beginning, I would like to express my deepest gratitude to almighty God for giving me the strength and opportunity to finish the report within the schedule time. I am also grateful to my supervisor Md. Hasan Maksud Chowdhury, Assistant Professor, BRAC Business School, BRAC University, for his motivating inspiration, kind direction, valuable suggestions and advices during my internship period. I express my sincere gratitude to Mr. Md. Harun-or-Rashid (FAVP), Mr. Omar Faruk (EO), Mr. Robayet Hasan & Ms. Helena Akther (Officer) Mr. Md. Rustom Ali (TO) of Exim Bank Limited, for their cordial attitude and extending help which enabled me to prepare this internship report properly. I also want to express my sincere gratitude to all of the employees of Export Import Bank of Bangladesh Limited, Gulshan Branch for their cooperation. I thanked modern technology for making information available for us and make our life so easier as well as provide as much as information as one needs. I am grateful to all those people who have at least minimum effort and contribution to complete report. I feel so much lucky to get their co-operation. iii Page 4 Disclaimer I, Md. Shamsuddin Meraj, ID-13164065, the student of BRAC Business School, BRAC University (Major in Marketing). I have completed my Internship Program from Export Import Bank of Bangladesh limited, Gulshan Branch. I have prepared this report on the Foreign Exchange Operation of Export Import Bank of Bangladesh limited, Gulshan Branch. In this report I have included all the information, which I got during my internship period. I have written this report on the basis of my work experience and observation during the internship period. So, I am declaring that, this report is original in nature and not copied from other sources. ___________________________ Md. Shamsuddin Meraj ID: 13164065 BRAC Business School BRAC University iv Page 5 Executive Summery Banking sector is expanding its hand in different events every day. At the same time the banking process is becoming faster, easier, and the banking area becoming wider. As the demand for better service increases day by day, they are coming with different innovative ideas and products. In order to survive in the competitive field of the banking sector, all banking organization are looking for better service opportunity to provide their fellow clients. As a result, it has become essential for every person to have some idea on the bank and banking procedure. The overall objectives and missions of my research were to represent Import and Export activities in EXIM Bank Ltd, Gulshan Branch. EXIM Bank Ltd believes in the vision of to be the best Private Commercial Bank in Bangladesh. To achieve the desire goal the bank is showing the excellence at all stages with a climate of continuous improvement. Banks strategic plans and networking will strengthen its competitive performance over others in this rapidly changing competitive environment. Banking sector is growing day by day. Besides general banking, foreign exchange operation is playing vital role in overall banking and economic sector. I have tried to make clear understanding about foreign exchange operations and findings their loopholes. Here I have face some problems during working on report. Time limit is not sufficient for preparing an outstanding report. This report provides an analysis and evaluation of the current organizational change happened in Export Import Bank of Bangladesh Limited, Gulshan Branch. The report draws attention to the fact that in the year of 1999 EXIM Bank Management decided to change its banking process by changing principle of conventional banking to Shariah based banking principle. Principle of Shariah would be the EXIM Banks’ new process and conventional interest based banking would be banned. EXIM Bank bring this change by changing human resources first, change the structure inside the organization, change the products of the bank, and change overall business operations. To bring this change EXIM Bank faced resistance that rose inside and outside the organization. The report also finds the prospects of the company after the successful transformation of conventional banking to Shariah based banking. Page 6 General banking has four sections that are Account Opening Section, Clearing Section, Cash Section, and Account Section. Besides all of this, bank is providing various Card. Foreign Exchange Department is an important part of operations of EXIM Bank Ltd. Import section is performing two functions; Import financing & Bank guarantee. Functions is dealing with tree components; LC, PAD & LTR. LC has various types, maximum LC are irrevocable, confirmed, back to back LC. In export section, two types credit are provided; Pre -Shipment Finance and Post-Shipment Finance. Foreign Exchange Department works on buying and selling remittance. Remittances are purchased or sold by TT, MT, TC, and Draft etc. EXIM Bank provided Foreign Currency Account, Resident Foreign Currency Deposit Account, Non-resident Foreign Currency Deposit Account, Non-resident Taka Account and Non-resident Investor’s Taka Account for Non-resident Bangladeshi. Foreign exchange section needs more manpower and regular and advance training is required to its employees. In this competitive market, EXIM Bank has performing outstanding and it is growing continuously to reach its objectives. I hope this report, despite its many limitations, will be a gateway to have a clear concept about the foreign exchange activities of EXIM Bank Limited, Gulshan Branch. Page 7 Table of Content Point # Content Page No# Chapter One 1.1 Introduction 13 1.2 An over view of the organization 14 1.3 Mission, Vision 14 1.4 Objective of the EXIM Bank 15 1.5 Composition of the board 15 1.6 Management Structure 18 1.7 Risk Management 19 1.8 Joint venture abroad 21 1.9 District wise branch 22 Chapter Two 2.1 Job Responsibilities 24 2.2 Critical Analysis 24 Chapter Three 3.1 Summary of the project 27 3.2 Objective of the Study 27 3.3 Scope of the Study 28 3.4 Methodology 28 3.5 Limitations 29 Chapter Four 4.1 General banking 31 4.2 Account opening section 31 4.3 Closing account 32 4.4 Cash section 32 4.5 Deposit section 33 Page 8 4.6 Remittance section 34 4.7 Clearing section 34 4.8 Accounts section 35 4.9 Dispatch section 35 4.10 Products and services 35 Chapter Five 5.1 Foreign exchange 38 5.2 Foreign exchange market and Bangladesh 38 5.3 Different foreign exchange rate in Bangladesh 40 5.4 Interbank transaction in foreign exchange 42 5.5 Movement of monthly average of USD/BDT exchange rate 42 5.6 Foreign exchange department 43 5.7 Import 44 5.8 Export 48 5.9 Remittance 54 Chapter Six 6.1 SWOT analysis 57 6.2 Ratio analysis 59 6.3 Foreign Exchange analysis 62 6.4 Trend analysis 64 6.5 Findings 68 Chapter Seven 7.1 Recommendation 72 7.2 Conclusion 73 Page 9 List of Table Table no. Page no. 1 Board of Directors 15 2 Executive Committee 16 3 Board Audit Committee 17 4 Risk Management Committee 17 5 Shariah Supervisory Committee 17 6 Different Foreign Exchange Rates 41 7 Movement of monthly average of USD/BDT exchange rate 42 Ratio Analysis 8 Current Ratio 59 9 Quick Ratio 60 10 ROA 61 11 ROE 61 Foreign Exchange Department Analysis 12 Import and Export 62 13 Remittance 63 Trend Analysis 14 Deposit 64 15 Investment 65 16 Authorized Capital 65 17 Paid Up Capital 66 18 Total Assets 67 19 Total Liability 68 Page 10 List of Figure Figure no. Page no. 1 Management Structure 18 2 Division- wise Branch Distribution 22 3 Movement of monthly average of USD/BDT exchange rate 43 4 Foreign Exchange Department 43 5 SWOT Analysis 57 Ratio analysis 6 Current Ratio 59 7 Quick Ratio 60 8 ROA 61 9 ROE 62 Foreign Exchange Department Analysis 10 Import and Export 63 11 Remittance 63 Trend analysis 12 Deposit 64 13 Investment 65 14 Authorized Capital 66 15 Paid Up Capital 66 16 Total Assets 67 17 Total Liability 68 Page 11 Page 12 1.1 Introduction Banking system is playing a crucial role in a nation’s economy in modern society.
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