KARACHI, Pakistan: The State Bank of Pakistan (SBP) has suspended the authorization of two Exchange Companies with immediate effect.
The suspension of Al-Sahara Exchange Company (Private) Limited and Premier Exchange Company has occurred on account of serious violations of State Bank’s regulations and instructions.
“State Bank of Pakistan has suspended, with immediate effect, the authorization of an Exchange Company Namely M/s Al-Sahara Exchange Company (Pvt.) Limited for a period of three months,” said the statement issued by the Central Bank.
Whereas the authorization of Premier Exchange Company –B (Pvt.) Limited has been suspended till further orders.
The SBP said that the Exchange Companies, their Head Offices, Branches, and Franchises have been debarred from undertaking any kind of business activity during the suspension period.