SBP suspends another foreign exchange company

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.

#SBP has suspended the authorization of M/s Royal International Exchange Company on violations of SBP rules and regulations. The exchange company can no longer undertake any kind of foreign exchange related business activity during the suspension period. https://t.co/HQpjSdr1OF pic.twitter.com/tw5Ab2vIAn

— SBP (@StateBank_Pak) September 16, 2023

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.