SBP suspends authorization of 11 outlets of 8 ECs

January 24, 2023 (MLN): The State Bank of Pakistan (SBP) has suspended the authorization of eleven outlets of eight Exchange Companies (ECs) with immediate effect, said a statement issued by the central bank on Tuesday.

The suspension has been done for seven to fifteen days due to violations of regulatory instructions. 

SBP conducted mystery shopping at the outlets of exchange companies wherein it was observed that the aforesaid outlets were refusing the sale of foreign currencies to their customers despite having the availability of the same at their counters, the statement further added.  

All eleven outlets have been restricted from undertaking any kind of business activity during the suspension period, it noted. 

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