SBP revokes licenses of Capital Exchange, Gohar Exchange

MG News | March 30, 2023 at 01:48 PM GMT+05:00

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March 30, 2023 (MLN): The State Bank of Pakistan (SBP) has revoked the foreign exchange licenses of two prominent exchange companies, namely Capital Exchange Company-B (Pvt.) Ltd. and Gohar Exchange Company-B (Pvt.) Ltd, the statement issued by the SBP revealed on Thursday.

Accordingly, these companies are no longer authorized to conduct foreign exchange business in the country.

The SBP took this decision after a thorough investigation into the affairs of these companies.

According to the SBP, both companies were found to be involved in serious irregularities and violations of foreign exchange regulations.

The revocation of the licenses of these companies has sent shockwaves through the foreign exchange industry in Pakistan.

This move by the SBP is part of its ongoing efforts to regulate the foreign exchange market in Pakistan and to crack down on illegal and fraudulent activities.

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