An Internship Report on Foreign Exchange Operations of Mercantile Bank Limited
Bank is defined as a financial institution that collects deposits from various individual and organizations and provides loans to those who need it. But modern banks do not mean only the means of collecting and disbursing money to various entities. Rather it provides various services to various entities which facilitate their business operations. A foreign exchange operation of banks is one of those services that not only facilitates the business of businessmen but also contributes to the development of the economy as a whole. Foreign exchange is defined as the mechanisms by which the currency of one country is converted into the currency of another country. Foreign exchange is the means and methods by which rights to wealth in a country’s currency are converted into rights to wealth in another country’s currency. Foreign exchange department of banks plays significant roles through providing different services for the customers.
1.1. Background of the Mercantile Bank Limited (MBL):
Mercantile Bank Limited, incorporated on May 20, 1999 and commenced business on June 02, 1999, is now one of the most important entity in the banking industry of Bangladesh. With the passage of time it has expanded its number of branches and variety of services along with its core business of taking deposits and granting loans. Now MBL has emerged as a new commercial bank to provide efficient banking services and to contribute socio-economic development of the country. Rising trend of the banks profitability over the last 8 years is also materialized. The MBL is committed to the delivery of the superior shareholders’ value. Foreign Exchange Department of the bank is one of the most important departments. Now it has become the backbone of the bank. With the aim to be the ‘Bank of choice’, it is operating in the industry with a team of devoted personnel to excel both their own career and...