SBP Suspends Authorization of 3 Exchange Companies
Staff Report
State Bank of Pakistan has taken swift action by suspending the authorization of several Exchange Companies due to significant breaches of the institution’s regulations and directives.
Effective immediately, the authorization of the following Exchange Companies has been suspended until further notice:
- M/s AA Exchange Company (Pvt.) Limited
- M/s Glaxy Exchange Company (Pvt.) Limited
- M/s Al-Hameed International Money Exchange (Pvt.) Limited
During this suspension period, all operations of these Exchange Companies, including their head offices and branches, have been prohibited from conducting any form of business activity.SBP imposes over Rs465m Penalties on Banks
Several foreign exchange companies are looting the masses by giving low exchange rates which the regulator should take action against.
They give low exchange rates of small notes of currencies like the U.S. dollar, claiming that banks did not accept such notes.
