Small exchange companies barred from doing business

KARACHI: State Bank of Pakistan Governor Jameel Ahmed has unveiled a series of pivotal measures aimed at enhancing the regulatory landscape for businesses within the banking sector.

The SBP governor announced that companies currently categorised as B-category have been granted a 30-day window to elevate their status to A-category. He said that this reclassification process is intended to ensure strict adherence to predefined criteria for businesses.

Ahmed said that it was underscored that businesses have the flexibility to fall within any category, with their placement not being restricted to a single classification.

He said that small exchange companies will be allowed to do business.

He said that the SBP is actively engaged in the rigorous regulation of exchange companies, in strict accordance with its established rules and regulations.

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Ahmed said that a significant number of exchange companies have had their licences suspended due to non-compliance with regulatory standards.

He said that several unlicenced entities were operating with impunity.

He said that these measures have been introduced with the primary objective of ensuring compliance, fostering transparency in business operations, and curbing unlawful activities within the exchange business sector.

The SBP governor unequivocally stated that there were no immediate plans to implement digital currency, dispelling any speculations of an imminent launch.