SBP amends license renewal conditions of exchange companies

ISLAMABAD: State Bank of Pakistan (SBP) on Wednesday amended the license renewal conditions for money exchange companies, ARY News reported.

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As per notice released by SBP, the duration of license of exchange companies is no more linked with the inspection rating of the respective exchange company.

SBP has announced that henceforth licenses of exchange companies shall be renewed for five years from the date of expiry of the license. However, license shall be renewed after giving due consideration, inter alia, to SBP inspection report, compliance status, corporate governance and financial health of the exchange company.

SBP has asked exchange companies to made license renewal request to SBP at least 60 days before expiry of the license.



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