Business
SBP suspends another foreign exchange company
he exchange company, its corporate headquarters, branches, franchises, and payment booths are not permitted to conduct any form of business operations during the suspension period.
Karachi: The State Bank of Pakistan (SBP) has suspended with immediate effect the authorization of another foreign exchange company namely M/s Royal International Exchange Company (Pvt) Limited till further orders for violating SBP rules and regulations on Saturday.
According to a press release, the exchange company, its corporate headquarters, branches, franchises, and payment booths are not permitted to conduct any form of business operations during the suspension period.
The central bank halted M/s Usman International Exchange Company -B (Pvt) Limited's authorization last week with immediate effect until further orders.
The central bank's rules and directives have been seriously violated, and action has been taken as a result.