SBP suspends authorization of five exchange companies

KARACHI:The State Bank of Pakistan (SBP) has suspended authorization of five exchange companies due to violation of regulations.

In a statement, the central bank said it has suspended authorization of five Exchange Companies – B Category with immediate effect till further orders due to serious violations of regulations and instructions.

The Companies are

• M/s International Exchange Company –B (Pvt) Limited,
• M/s World Wide Exchange Company –B (Pvt) Limited,
• M/s World Exchange Company –B (Pvt) Limited,
• M/s Universal Exchange Company –B (Pvt) Limited
• M/s 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.

“Your bank deposits are safe,” SBP reassures