SBP’s suspension spree hits 3 more exchange companies

MG News | February 13, 2024 at 08:51 PM GMT+05:00

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February 13, 2024 (MLN): Continuing its crackdown, the State Bank of Pakistan (SBP) suspended the authorization of three more exchange companies on Tuesday with immediate effect until further notice, according to a press release issued by the Central Bank’s external communications department.

The SBP revoked the authorization of the following private exchange companies: AA Exchange Company Limited, Glaxy Exchange Company Limited, and Al-Hameed International Money Exchange Limited.

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

All the aforementioned exchange companies, their head offices and all outlets have been debarred from undertaking any kind of business activity during the suspension period, the notice said.

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