Foreign exchange operation of Export Import Bank of Bangladesh Limited / EXIM Bank Ltd.
AuthorMeraj, Md. Shamsuddin
MetadataShow full item record
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 7 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.