Karachi, September 25, 2023 – The State Bank of Pakistan (SBP) took action on Monday by suspending the authorization of two exchange companies for violations of regulatory guidelines.
These suspensions come as part of the central bank’s ongoing efforts to enforce compliance with its regulations and maintain stability in the financial sector.
In the first case, the SBP suspended the authorization of M/s Al-Sahara Exchange Company (Pvt.) Limited for a period of three (03) months, effective immediately. This suspension is in response to serious violations of the State Bank’s regulations and instructions. As a result, the Exchange Company, including its head office, branches, and franchises, has been barred from conducting any business activities during the suspension period.
Similarly, in another case, the SBP suspended the authorization of M/s Premier Exchange Company – B (Pvt.) Limited with immediate effect, pending further orders. This suspension also arises from significant violations of the State Bank’s regulatory guidelines and instructions. Consequently, the Exchange Company – B, along with its head office and all branches, is prohibited from engaging in any business activities during the suspension period.
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The central bank has been actively cracking down on illegal activities and non-compliance within the financial sector, leading to the suspension of authorization for several exchange companies in recent times. These actions are part of a broader effort to maintain the stability of the exchange rate and ensure the integrity of financial institutions operating in Pakistan.
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