SBP grants no-objection certificate to BOP for exchange company setup

MG News | March 22, 2024 at 10:17 AM GMT+05:00

0:00

March 22, 2024 (MLN): The State Bank of Pakistan (SBP) issued the no-objection certificate to The Bank of Punjab (PSX: BOP) on Friday for establishing an exchange company in the name of BOP Exchange Company (Private) Limited.

On October 28, 2023, the Board of Directors of BOP approved the establishment of an Exchange Company with an initial paid-up capital of up to Rs2.5 billion.

It is pertinent to note that the exchange company would be a wholly owned subsidiary of the bank.

This development comes after the SBP introduced reforms for the banks engaged in foreign exchange business to establish wholly owned Exchange Companies (ECs) to cater to the legitimate foreign exchange needs of the general public.

This action taken by the central bank comes in response to various regulatory issues that have been observed in the operations of ECs.

With this initiative, the SBP aims to consolidate and transform various types of ECs into a single category with a well-defined mandate.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	187,761.69 450.87M	1.44% 2662.86
ALLSHR	112,676.86 1,195.52M	1.05% 1167.51
KSE30	57,522.35 166.78M	1.38% 784.61
KMI30	264,743.45 175.88M	1.48% 3870.74
KMIALLSHR	72,300.02 597.10M	1.14% 811.71
BKTi	54,499.63 44.60M	1.50% 808.03
OGTi	38,644.55 21.80M	-0.07% -27.90

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	93,080.00	95,600.00 92,040.00	-2585.00 -2.70%
BRENT CRUDE	64.17	64.39 63.26	0.04 0.06%
RICHARDS BAY COAL MONTHLY	86.75	0.00 0.00	-2.25 -2.53%
ROTTERDAM COAL MONTHLY	97.20	97.20 97.15	-0.55 -0.56%
USD RBD PALM OLEIN	1,027.50	1,027.50 1,027.50	0.00 0.00%
CRUDE OIL - WTI	59.43	59.56 58.53	0.09 0.15%
SUGAR #11 WORLD	14.99	15.00 14.60	0.42 2.88%