SBP Freezes Operations of Five Currency Exchange Firms

Web DeskOctober 12, 2023

The State Bank of Pakistan has promptly suspended the authorization of five Exchange Companies in the B Category due to significant violations of the central bank’s regulations and instructions.

The authorization for the following entities has been suspended: 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.

During this suspension period, all the mentioned Exchange Companies in the B Category, along with their head offices and branch locations, are prohibited from engaging in any form of business activity. This action is detailed in the official press release.

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