State Bank suspends authorization of exchange companies

BusinessState Bank suspends authorization of exchange companies

KARACHI, Pakistan: The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of following Exchange Companies till further orders on account of serious violation of State Bank’s regulations and instructions:

  1. M/s AA Exchange Company (Pvt.) Limited
  2. M/s Glaxy Exchange Company (Pvt.) Limited
  3. M/s Al-Hameed International Money Exchange (Pvt.) Limited

The State Bank said that 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.


Earlier, the SBP also cancelled the authorization/license of M/s. PBS Exchange Company (Pvt.) Limited on account of contraventions of the relevant laws and regulations.

Therefore, the aforesaid exchange company including its head office and outlets can no longer undertake any kind of foreign exchange related business activity.

Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

Saudi high-level delegation arrives in Pakistan for talks on economic partnership

ISLAMABAD, Pakistan: A high-level Saudi delegation led by the Foreign Minister Prince Faisal bin Farhan bin Abdullah is arriving in Pakistan on Monday.The visit...

AUD to INR: Australian Dollar to Indian Rupee Today – 15 April 2024

The Australian Dollar (AUD) was trading at 54.13 as per the Indian Rupee (INR) on Monday.Currently, Indians are now the second-largest migrant group in...

USD to PKR: USD Dollar Rate in Pakistan Today – 15 April 2024

The US Dollar (USD) was being bought and sold at Rs 277.6 and Rs 280.6 in the Open Market against the Pakistani Rupee (PKR)...

Gold Price in Pakistan Today – 15 April 2024

On Monday (April 15, 2024), the gold rate for one tola of 24-karat in Karachi, Pakistan, is Rs 240,900.000.It's important to note that gold...

Nuclear Energy for Climate Justice- A Climate-Resilient Energy Solution for Pakistan

By Qurat-Ul-Ain Shabbir and Hira BashirForeign Minister Ishaq Dar, speaking at a nuclear summit in Brussels, underscored the imperative of "aggressive financing" for nuclear...