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Friday November 15, 2024

SBP suspends authorisation of exchange company

By Our Correspondent
November 16, 2024
A foreign currency dealer counts US dollars at a shop in Karachi on March 2, 2023. — Online
A foreign currency dealer counts US dollars at a shop in Karachi on March 2, 2023. — Online

KARACHI: The State Bank of Pakistan (SBP) has suspended the authorisation of an exchange company, Islamabad Exchange Company (Pvt) Limited, with immediate effect until further orders, citing violations of SBP rules and regulations, a statement said on Friday.The exchange company, its head office and authorised branches have been debarred from undertaking any kind of business activity during the suspension period, the SBP said.