SBP grants operational license to ABL Exchange Company

MG News | March 22, 2024 at 11:52 AM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

March 22, 2024 (MLN): The State Bank of Pakistan (SBP) has issued the license for the commencement of operations to ABL Exchange (Private) Limited, a fully-owned subsidiary of Allied Bank Limited (PSX: ABL), the bank’s filing on the local bourse revealed today.

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.

As a result of the aforementioned action, the Board of Directors of ABL approved the establishment of an Exchange Company on September 27, 2023, with an initial paid-up capital of up to Rs1 billion.

Following this, the central bank issued the no-objection certificate to ABL on October 27, 2023.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	165,596.07 264.75M	-0.54% -902.76
ALLSHR	100,017.71 623.24M	-0.46% -463.69
KSE30	49,464.92 86.97M	-0.60% -299.08
KMI30	238,952.40 97.00M	-0.58% -1388.16
KMIALLSHR	65,314.16 323.73M	-0.44% -285.47
BKTi	44,788.98 46.84M	-0.77% -347.65
OGTi	35,107.09 7.04M	-0.41% -145.22

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	77,205.00	78,495.00 76,735.00	-2005.00 -2.53%
BRENT CRUDE	110.84	111.35 109.62	1.58 1.45%
RICHARDS BAY COAL MONTHLY	110.00	0.00 0.00	-7.25 -6.18%
ROTTERDAM COAL MONTHLY	109.00	0.00 0.00	-0.20 -0.18%
USD RBD PALM OLEIN	1,191.50	1,191.50 1,191.50	0.00 0.00%
CRUDE OIL - WTI	102.88	103.23 101.57	1.86 1.84%
SUGAR #11 WORLD	14.78	0.00 0.00	-0.02 -0.14%