KARACHI – State Bank of Pakistan has suspended, with immediate effect, the authorisation of five Exchange Companies –B Category till further orders due to serious violations of the central bank’s regulations and instructions.
It has suspended the autorisation of M/s International Exchange Company –B (Pvt) Limited, M/s World Wide Exchange Company –B (Pvt) Limited, M/s World Exchange Company –B (Pvt) Limited, M/s Universal Exchange Company –B (Pvt) Limited and M/s United Exchange Company –B (Pvt) Limited.
“All the aforementioned Exchange Companies –B Category, their head offices and all branches have been debarred from undertaking any kind of business activity during the suspension period,” read the official press release.
