SBP grants operational license to MCB Exchange Company
MG News | March 27, 2024 at 11:55 AM GMT+05:00
March 27, 2024 (MLN): The State Bank of Pakistan (SBP) has issued the license for the commencement of operations to MCB Exchange (Private) Limited, a fully-owned subsidiary of MCB Bank Limited (PSX: MCB), the bank’s filing on the local bourse revealed today.
To recall, on September 18, 2023, the Board of Directors of MCB approved the establishment of an Exchange Company with an initial paid-up capital of up to Rs1 billion.
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.
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