Foreign Exchange Desk quotes the rates of different foreign currencies (FC) and manages the fund in foreign currencies to maintain Net Opening Position (NOP) of the bank at required level. The purpose of Foreign Exchange Desk is to smooth the banks foreign trade/currency business operation by ensuring maximum profitability.

Foreign Exchange Desk of IFIC Bank Treasury offers different products to its customer and wholesale market:

 

Spot deals > buy/sale foreign currencies settled takes two days is called (spot) deal. Buy/sale settled may on the same day i.e. today (TOD) and on next day i.e. tomorrow (TOM).

 

Forward deals > buy/sale agreement of one currency with another currency at a specified rate on an agreed date in the future.

 

Swap Deals > exchange two currencies for a certain period and agree to reverse it on a future date at a fixed rate.

 

Corporate deals > FX desk manages FC funds for different corporate customers to fulfill their FC requirements.

 

FC Lending and borrowing > Foreign exchange desk takes FC deposit or place FC funds to other banks/FIs.