SBP grants operational license to ABL Exchange Company

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

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	136,502.54 259.91M	1.64% 2202.77
ALLSHR	85,079.90 838.35M	1.26% 1061.74
KSE30	41,552.62 97.27M	1.81% 738.33
KMI30	193,330.76 84.69M	0.39% 741.60
KMIALLSHR	56,315.31 366.02M	0.43% 243.06
BKTi	38,498.08 37.91M	4.13% 1526.33
OGTi	28,138.38 5.66M	-0.36% -101.89

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	119,920.00	120,695.00 119,450.00	-315.00 -0.26%
BRENT CRUDE	69.00	69.17 68.98	-0.21 -0.30%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	0.25 0.26%
ROTTERDAM COAL MONTHLY	106.50	106.60 106.50	-2.20 -2.02%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	66.73	66.99 66.70	-0.25 -0.37%
SUGAR #11 WORLD	16.31	16.67 16.27	-0.26 -1.57%