SBP revokes authorization, license of exchange companies on regulatory violations

KARACHI: The State Bank of Pakistan (SBP) on Tuesday cancelled the authorization and licenses of two exchange companies due to serious violations of central bank’s regulatory instructions, barring them from undertaking any foreign exchange related business activities.

The SBP, through separate statements issued here, informed that authorization/Licenses of M/s Dream Exchange (Private) Limited and M/s. Al Raj International Exchange Company (Private) Limited were cancelled, with immediate effect, due to serious violations of SBP’s regulatory instructions.

Consequently, both the exchange companies, including their head offices and all constituent branches, were hereby prohibited from undertaking any foreign exchange related business activities in any capacity, it added. Staff Report