SBP revokes three exchange companies’ licenses

Karachi: State Bank of Pakistan (SBP) on Tuesday revoked the foreign exchange licenses of M/s AA Exchange Company (Pvt.) Limited, M/s Glaxy Exchange Company (Pvt.) Limited and M/s Al-Hameed International Money Exchange (Pvt.) Limited.

According to the SBP news statement, SBP suspended the authorization of exchange companies till further orders on account of serious violations of the State Bank’s regulations and instructions.

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.