SBP warns of strict action against illegal foreign exchange operators
- By Web Desk -
- Aug 24, 2019
ISLAMABAD: The State Bank of Pakistan (SBP) on Friday warned of strict action against the illegal foreign exchange operator, ARY News reported.
In a statement, SBP said that the bank will crackdown on illegal money changer, hundi and hawala operator across the country.
The SBP said that only banks and authorized dealers were allowed to do foreign currency business with public. Foreign currency business and transactions though unauthorized entities were illegal, read the statement.
Read More: FIA arrests three accused in raids at three illegal money exchanges
Earlier on April 7, the Federal Investigation Agency (FIA) had raided three illegal money exchanges and arrested three accused over speculative currency trading in various areas of Lahore.
According to the Interior ministry the raids had been conducted in the wake of surge in US dollar rate against Pakistani rupee.
The FIA team had recovered Rs. 400 million from the custody of arrested accused.