SBP suspends authorization of an exchange company of ‘B’ category

By MG News | September 08, 2023 at 07:40 PM GMT+05:00

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September 08, 2023 (MLN): The State Bank of Pakistan (SBP) on Friday suspended the authorization of Usman International Exchange Company –B (Pvt) Limited with immediate effect until further notice, as per a press release issued by the external communications department of the Central Bank.

It is important to note that Usman International is an Exchange Company of the 'B' category.

This suspension came as a result of serious violations of SBP's regulations and instructions by the aforementioned company.

The suspension also extends to its head office and all of its branches, which have been barred from conducting any form of business activity during the suspension period.

This decisive action was taken by the SBP to ensure compliance with the financial regulations and safeguard the integrity of the financial system.

The SBP has not provided details regarding the specific violations committed by Usman International Exchange Company –B (Pvt) Limited but emphasized the severity of the breach, leading to the immediate suspension of its authorization.

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