State Bank suspends exchange companies for refusing sales of foreign currencies

State Bank suspends exchange companies for refusing sales of foreign currencies

KARACHI: State Bank of Pakistan (SBP) has suspended outlets of many exchange companies for refusing sale of foreign currencies.

The SBP in a statement issued on Monday with immediate effect the authorization of eleven (11) outlets of eight (08) Exchange Companies have been suspended for seven (07) to fifteen (15) days due to violations of regulatory instructions.

The SBP conducted mystery shopping at the outlets of exchange companies wherein it was observed that the aforesaid outlets were refusing sale of foreign currencies to their customers despite having availability of the same at their counters.

All eleven (11) outlets have been restricted from undertaking any kind of business activity during the suspension period.

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