SBP suspends authorisation of five currency exchange companies
- By Web Desk -
- Oct 12, 2023
KARACHI: The State Bank of Pakistan (SBP) on Wednesday suspended with immediate effect the authorisation of five Exchange Companies due to violation of regulatory instructions.
In a statement, the central bank said it has suspended authorization of five Exchange Companies – B Category till further orders due to serious violations of regulations and instructions.
The five companies were:
- International Exchange Company –B (Pvt) Limited
- World Wide Exchange Company –B (Pvt) Limited
- World Exchange Company –B (Pvt) Limited
- Universal Exchange Company –B (Pvt) Limited
- United Exchange Company –B (Pvt) Limited
“All the aforementioned Exchange Companies –B Category, their head offices and all branches have been debarred from undertaking any kind of business activity during the suspension period,” the statement noted.
The development comes at a time when a crackdown against US dollar smuggling was underway.
Read More: SBP decides to introduce ‘structural reforms’ in exchange companies sector
Simultaneously, the government is implementing significant policy reforms to transform commodity and currency trading.
These reforms aim to bring transparency and fairness to these sectors, eliminating illegal activities and promoting legitimate trade.
The government is also investing in upgrading surveillance systems at land, sea, and airports. These enhancements will play a crucial role in preventing the illegal movement of goods and currency across national borders.