SBP suspends authorization of three Exchange Companies

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Islamabad: The State Bank of Pakistan on Tuesday suspended the authorization of three Exchange Companies on account of a serious violation of the State Bank’s regulations.

A statement issued by the Central Bank states that SBP has suspended, with immediate effect, the authorization of the following Exchange Companies till further orders on account of serious violation of State Bank’s regulations.

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These exchange companies included M/s AA Exchange Company (Pvt.) Limited, M/s Glaxy Exchange Company (Pvt.) Limited and M/s Al-Hameed International Money Exchange (Pvt.) Limited.

All the aforementioned Exchange Companies, their head offices and all outlets have been debarred from undertaking any kind of business activity during the suspension period.

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