SBP suspends authorization of Orient, Bestway Exchange Company

By MG News | November 18, 2022 at 04:44 PM GMT+05:00

0:00

November 18, 2022 (MLN): The State Bank of Pakistan (SBP) has suspended the authorization of two Exchange Companies, namely, Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange Company-B (Pvt.) Limited for three months due to serious violations of regulatory instructions with immediate effect, the statement issued by SBP said today.

SBP has advised both companies to strengthen their Internal Control Functions and submit a report, of corrective measures to be taken in this regard, to SBP.

Both exchange companies, their head offices, and all branches/outlets have been restricted from undertaking any kind of business activity during the suspension period.

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