September 15, 2023 (MLN): The State Bank of Pakistan (SBP) on Friday suspended the authorization of Royal International Exchange Company (Pvt) Limited with immediate effect until further notice, as per a press release issued by the external communications department of the Central Bank.

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

The suspension also applies 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 step was taken by the SBP to ensure compliance with the financial regulations and safeguard the integrity of the financial system.

The SBP has not disclosed details regarding the specific violations committed by the respective company but emphasized the severity of the breach, resulting in an immediate suspension of its authorization.

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Posted on: 2023-09-15T20:44:55+05:00