September 25, 2023 (MLN): The State Bank of Pakistan (SBP) has suspended the authorization of another B category Exchange company "Premier 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.
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 debarred from conducting any form of business activity during the suspension period.
To note, the SBP has suspended authorization of four exchange companies in the month of September, underscoring the central bank's commitment to ensuring compliance with regulatory standards.