SBP Allows MCB Bank and Habib Metro to Start Currency Exchange Operations

The State Bank of Pakistan (SBP) has issued licenses to Habib Metropolitan Bank Limited (PSX: HMB) and MCB Bank Limited (PSX: MCB) to commence operations at their fully-owned Exchange Companies (ECs). SBP has issued licenses for the commencement of operations to HABIBMETRO Exchange Services Limited, a stock filing by HMB said earlier today. “The State Bank of Pakistan has issued the License for Commencement of Operations to M/s MCB Exchange Company (Private) Limited,” MCB said in a similar filing on the main bourse today. This comes after SBP last year started winding up operations of exchange companies after various companies failed to comply with rules and regulations, and their operations were terminated with immediate effect. Later, all similar exchanges were asked to shut down operations in phases. Then the regulator allowed commercial banks to set up separate exchange companies as a subsidiary.