An overview of foreign exchange transaction in Sonali Bank Limited

Abstract

Sonali Bank Ltd is one of the recognized banks in our country. Banking sector in Bangladesh has been pursuing the policy of expansion and growth of branches. People and the government itself are very much dependent on the service provided by the 57 banks in the financial markets. To know how well commercial banks perform actually No country can do itself without interaction with other countries in any respect. The main reason behind it is that no country is self sufficient with everything it requires to provide its people. One country can be able to produce some item more in amount than it needs. Given the situation, the item more than necessary needs to be exported to some other country that cannot produce the same as per requirement and vice versa. And this situation leads to international trade, which is executed maintaining some procedures. Everybody though linked with international trade somehow in the globalization era today, does not have a clear knowledge as to what these procedures are like. This study has intended to serve that purpose of giving an overview of import export procedures along with a highlight on foreign remittance and that from Sonali Bank Limited, Local office perspective. The study is almost all description. The study gives an insight into the procedures and formalities maintained by Sonali Bank Limited in handling international trade- import, export, along with foreign remittance. The study has been conducted largely depending on secondary data sources such as manual, annual reports, bank parikrama and other documents. It is mentioned here that no structured/written questionnaire was used for the purpose to serve.