KARACHI: The State Bank of Pakistan (SBP) has taken regulatory actions against an exchange company and suspended its operations, according to a statement issued on Friday. The central bank suspended with immediate effect the authorization of an Exchange Company namely M/s. Noble Exchange International (Pvt) Limited till further orders for violation of SBP rules and […]

KARACHI: The State Bank of Pakistan (SBP) on Thursday introduced an incentive scheme of surrendering dollars of home remittances for exchange companies. The scheme is operational from February 04, 2022, the SBP said in a circular. Home remittances are a major source of income for families of expatriate Pakistanis and contribute significantly in country’s economic […]

KARACHI: The State Bank of Pakistan (SBP) has made biometric verification mandatory for foreign currency sale transactions. The central bank on Wednesday issued amendments to the exchange companies manual to stop the undesirable outflow of cash foreign currency. The SBP introduced following regulatory measures: i. Persons travelling to Afghanistan will be allowed to carry only […]

KARACHI: The State Bank of Pakistan (SBP) on Monday allowed exchanged companies to export foreign currencies other than US Dollars on consignment basis. The SBP said that under Exchange Companies Manual the exchange companies are allowed to export permissible foreign currencies other than US Dollars. “In order to further streamline the business of Exchange Companies […]

KARACHI: The State Bank of Pakistan (SBP) has said it can revoke license of any exchange company in case the central bank has been provided with false, misleading or inaccurate information by or on behalf of the exchange company. According to Exchange Company Manual, the SBP has the right to revoke a license of an […]

KARACHI: State Bank of Pakistan (SBP) has issued list of approved currency exchange companies in the country. The SBP on Friday issued updated Exchange Companies Manual. Following is the list of exchange companies: 1. AA Exchange Company (Pvt.) Ltd. 2. Al-Hameed Int’l. Money Ex (Pvt.) Ltd. 3. Al-Rahim Exchange Company(Pvt.) Ltd. 4. Al-Sahara Exchange Company […]