International Banking & Foreign Exchange Management December 2023


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Assignment Sample Solution: International Banking & Foreign Exchange Management December 2023

NMIM$ Global Access

School for Continuing Education (NGA-SCE)

Course: International Banking & Foreign Exchange Management December 2023

Internal Assignment Applicable for December 2023 Examination

Q1. Mr. Patel, a resident of India, frequently travels abroad for business purposes and earns foreign income. He wants to know more about Resident Foreign Currency (RFC) and Exchange Earners’ Foreign Currency (EEFC) accounts to manage his foreign earnings efficiently. Distinguish between Resident Foreign Currency Account and Exchange Earners Foreign Currency account. Mr. Patel is an exporter and earns foreign income in USD. He is interested in opening an Exchange Earners’ Foreign Currency (EEFC) account. Describe the
purpose and benefits of an EEFC account for Mr. Patel, and how he can utilize it effectively.
(10 Marks)

Q2. Explain the role and functions of international financial institutions such as the Asian Development Bank (ADB), BRICS New Development Bank (NDB), World Bank, and International Monetary Fund (IMF) in the global economy. Provide examples of their initiatives and projects to promote economic development and financial stability in different regions. (10 Marks)

Q3. ABC Corp, a multinational company, operates in both the United States and Europe. The company frequently engages in currency exchange transactions to manage its international operations efficiently. Recently, the company had to exchange a significant amount of euros (EUR) to US dollars (USD) and vice versa.
a) ABC Corp has received a payment of 500,000 euros (EUR) from a European client. Calculate the equivalent amount in US dollars (USD) using the direct quote method, given the exchange rate is 1 EUR = 1.20 USD. (5 Marks)
b) On the same day, ABC Corp needs to pay its European suppliers 250,000 euros (EUR). Calculate the equivalent amount in US dollars (USD) using the indirect quote method, given
the exchange rate is 1 USD = 0.85 EUR. (5 Marks)

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