Foreign exchange, like foreign trade, is a part
of economic science. The foreign exchange has played a vital role in the last
decade or so on guiding the purchase and sale of goods, services and raw
materials globally. International trade is the exchange of goods and services
between countries, which gives rise to a world economy, in which prices, or
supply and demand, affect and are affected by global events. Industrialization,
advanced transportation, globalization, multinational corporations, and
outsourcing are all having a major impact. Increasing international trade is
the primary meaning of "globalization". As a result of international
trade, the market contains greater competition and therefore more competitive
prices, which bring a cheaper product home to the consumer.
Commercial banks play very important role in international trade of a
country by providing credit to the priority sectors and facilitating payment
against trade with other countries. In this regard the Commercial Banks of
Bangladesh are not the exceptions and the name of BASIC Bank Ltd. can be
mentioned here as one of the top ranked bank. BASIC Bank Ltd. is a Bank with
slogan “Serving people for progress”; this slogan has been maintained
throughout the passing years by ensuring highest customer care and maintaining
competitive market price.
For the Bank being different means- being the better bank in terms of
operational excellence, unique customer focus, risk management, organizational
advancement in terms of state-of-art IT implementation, expansion of branch
network, new business development, implementation of standard operating
procedures, training and retraining a pool of efficient and dedicated human
resources and ensuring highest level of compliance and transparency in all
spheres of operations and performance presentations.
BASIC Bank Limited is well positioned to meet the challenges of 2010
and will continue to strive to innovate and capture opportunity for growth and
value creation. The Bank will focus on its customer base to generate more
business from existing customers. This strategy is supported by wide spectrum
of product and services and level of customer service delivery.
Here in this report I
have tried to explore BASIC Bank’s arena of foreign exchange Business and their
excellence in services along with the performance highlights during the past
few years. An overall comparison also has been made with the total foreign
exchange situation of Bangladesh
and other competing Banks considering Gulshan branch contribution.
Banking is one
of the most important sectors for country’s wealth building activities which are
being built with the brick of risk. Commercial banks are certainly profit
making Financial Institutions but act as a lubricant to foster the economic
growth. These institutions play great role in the money market of every
economy.
Due to recent
financial crisis globalization, technological innovation and deregulation in the
banking system all over the world has been changing rapidly. Now a day’s banks
have to compete in the market place not only with local institutions but also
with foreign financial institutions.
The course under BBA program is designed with an excellent combination of
theoretical and practical aspects. The whole course is divided into eight
semesters of 6 months each. After completion of 8th semester
consisting of theoretical exposure, the students are sent to different
organizations to obtain some practical exposure in different sectors which
would help them in taking up more professional courses in MBA. As a student of
BBA, I have assigned to BASIC Bank Limited, Gulshan Branch for my practical
orientation.
As our program director directed us to present the report in a way that
would be based on the personal observations from the department I worked in. I
have described the department by the following way:
1.1.1 Understanding:
In
this part I have tried to be acquainted with every nook and cranny of foreign
exchange section of BASIC bank Limited, Gulshan
Branch.
1.1.2 Things are
done here:
In
this part I have tried to see the things which are being done in each section, i.e.;
Loans and advance section, General banking section and foreign exchange section.
1.1.3
Personal observations:
In
this part I have tried to present my personal observations from foreign
exchange section. I had an opportunity to be acquainted with the practical
banking prevail in the Gulshan
branch, BASIC Bank Limited. I have tried my best to show the knowledge which
have been acquired in my practical orientation period.
1.2: Objectives of the study:
The Prime objectives of
the study are to gather practical knowledge regarding banking systems and
operation. This practical orientation gives us a chance to co-ordinate the
theoretical knowledge with the practical experience. The following are the
objectives for this practical orientation in bank:
v To get an overall idea
about the Foreign exchange Business of BASIC Bank Limited.
v To apply theoretical
knowledge in the practical field.
v To describe the
organizational structure, management, background, functions and objectives of the bank and its contribution
to the national economy.
v To achieve overall
understanding of BASIC Bank Limited.
v To analyze the financing
systems of the bank to find out any contributing field.
v To examine the
profitability and productivity of the bank.
v To acquire knowledge about
the every day banking operation of BASIC Bank Limited.
v To understand the real
management situation and try to recommend for improving existing problems.
1.3: Schedule of internship:
Following schedules of the internship program were
fixed by Manager of Gulshan
Branch of BASIC Bank Limited.
21
June to 10th July 2010
|
Loans
and Advances Section
|
11th
July to 10th August
2010
|
Foreign
Exchange Section
|
11th
August to 24th August
2010
|
General
Banking Section
|
1.4: Coverage of the study:
The report covers the following areas.
¨
Overview of
BASIC Bank Limited
¨
Terms used in
foreign exchange operations
¨
Foreign
exchange operations of BASIC Bank Limited
1.5: Methodology of the study:
From my educational
background I have learnt different methodology to collect data from different
sources and analyze them. With the objective to make my report sound one, I
have the opportunity to implicate my educational knowledge in practical field.
I have collected data from many sources. Such as:
1.5.1
Sources of Data
1.5.1.1
Primary
Sources
·
Personal
Interview – Face-to-face
conversation and in depth interview with the respective officers of the branch.
·
Personal
observation – Observing the procedure of banking activities followed by each
department.
·
Practical work exposures on different areas of the branch.
·
Informal conversation with the clients or customers.
1.5.1.2
Secondary
Sources
·
Annual report 2005, 2006, 2007, 2008 & 2009) of BASIC
Bank Ltd.
·
Periodicals Published by Bangladesh Bank.
·
Different publications regarding Banking functions
and foreign exchange operation
·
Internet will also be used as a theoretical source
of information.
·
Use of different theories to make the report more
relevant.
·
Printed Materials: This study is mostly
dependent on the printed materials which may include the books, newspapers,
magazines, journals, directories, annual reports, Bangladesh bank publications,
BASIC Bank Ltd’s Annual Report etc
·
Internet: Internet was another major secondary source that
we have used to collect related information to conduct the study.
·
Newspapers: We have collected some information from the various
dailies and business articles.
1.5.2: Data analysis and Interpretation:
Both quantitative and qualitative analysis will be performed on the
findings. The quantitative analysis will be done on the trend of export-
import, growth pattern of export-import, pre and post facilities provided for
easing the export-import operations. Qualitative analyses will be based on the
macroeconomic variables and foreign exchange policy provided by Bangladesh
bank, the central bank of Bangladesh.
Different statistical tools will be used for the analysis of the findings.
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