KARACHI – The State Bank of Pakistan (SBP) has suspended with immediate effect the authorization of an Exchange Company Namely M/s Royal International Exchange Company (Pvt) Limited till further orders on violations of SBP rules and regulations.
The exchange company, its head office, branches, franchises and payment booths have been debarred from undertaking any kind of business activity during the suspension period.
Last week, the central bank suspended, with immediate effect, the authorization of M/s Usman International Exchange Company –B (Pvt) Limited till further orders.
Action has been taken due to serious violations of the central bank’s regulations and instructions.
SBP introduces structural reforms in exchange companies’ sector
