SBP suspends authorization of third exchange company in September

MG News | September 25, 2023 at 07:43 PM GMT+05:00

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September 25, 2023 (MLN): The State Bank of Pakistan (SBP) has suspended the authorization of an Exchange Company "Al-Sahara Exchange Company (Pvt.)" with immediate effect for a period of three months, 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, branches and its franchises, which have been debarred from conducting any form of business activity during the suspension period.

To note, the SBP has suspended authorization of three exchange companies in the month of September, underscoring the central bank's commitment to ensuring compliance with regulatory standards.

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