SBP cancels authorization of PBS exchange company

By MG News | February 12, 2024 at 07:58 PM GMT+05:00

0:00

Februrary 12, 2024 (MLN): The State Bank of Pakistan (SBP) on Monday canceled the authorization/license of PBS Exchange Company (Pvt) Limited, as per a press release issued by the external communications department of the Central Bank.

This suspension came as a result of serious violations of SBP's laws and regulations by the company.

As a result, the aforesaid exchange company, including its head office and outlets can no longer undertake any kind of foreign exchange business related activity.

This decisive step was taken by the SBP to ensure compliance with the financial regulations and safeguard the integrity of the financial system.

The SBP has not disclosed details regarding the specific violations committed by the respective company but emphasized the severity of the breach, resulting in an immediate suspension of its authorization.

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