October 11, 2023 (MLN): The State Bank of Pakistan (SBP) on Wednesday suspended the authorization of five Exchange Companies of B-category with immediate effect until further notice, as per a press release issued by the external communications department of the Central Bank.
The SBP suspended authorization of the following private exchange companies of B-category: International Exchange Company, World Wide Exchange Company, World Exchange Company, Universal Exchange Company and United Exchange Company.
This suspension came as a result of serious violations of SBP's regulations and instructions, aiming to ensure compliance with the financial regulations and preserve the integrity of the financial system.
“All the aforementioned Exchange Companies–B Category, their head offices and all branches have been debarred from undertaking any kind of business activity during the suspension period," the notice reads.
The SBP has not provided details regarding the specific violations committed by the exchange companies but emphasized the severity of the breach, leading to the immediate suspension of its authorization.
It is pertinent to note that in addition to these companies, the central bank suspended the authorization of four exchange companies during the September.
