Foreign exchange operation and performance: an evaluation of Bank Asia Ltd.

Abstract

The banking sector is always considered one of the most fundamental sectors for the economy to be able to function. In this contemporary economic era, in order to attain development in industrial and commercial division, there should be a sound banking system to support not only the economy but also the society. This report focuses on the Foreign Exchange Operation of Bank Asia Limited, Mohakhali Branch. Foreign Exchange is a significant section of a bank. It deals with import, export and foreign remittances. It forms a connection between importers and exporters. This unit plays a vital role in improving export earnings, which serves economic acceleration and in turn, it helps for the economic development. On the other hand, it aids to accumulate those goods and services, which are high in demand but not adequate in our country. Firstly, this report starts with the introduction of the company, objectives, core values, product and services, mission and vision of the organization. Next, I tried to review the responsibilities I performed as an intern in Bank Asia Limited, Mohakhali Branch. As I worked in Foreign Exchange department, I have discussed related issues of foreign exchange activities of Bank Asia Limited. To begin with, I have thoroughly discussed about the entire system of import mechanisms. In that regard, I tried to explore about L/C (Letter of Credit), L/C classifications, modes of payments of L/C, L/C opening procedure, advising L/C, transmitting L/C, amendments, required documents and verification of documents, lodgment, retirements and reports of L/C. In addition, I have highlighted the matter about export mechanisms. This process is comprised of advising L/C, issuing EXP, realization of export proceeds, collection of required documents and reports issuing Proceeds Realization Certificate (PRC). Then, I have pointed out the foreign exchange remittance process. Here, I have discussed inward and outward foreign remittance. In addition, I have conducted performance analysis. Lastly, the report has ended with some findings, recommendations and conclusion.