SBP Suspends Authorization of Three More Exchange Companies

The State Bank of Pakistan (SBP) has suspended the authorization of three Exchange Companies on account of serious violation of its regulations and instructions. In a press release, the central bank said that the authorization of the companies has been suspended with immediate effect till further orders. The three companies are, M/s AA Exchange Company (Pvt.) Limited, M/s Galaxy Exchange Company (Pvt.) Limited, and M/s Al-Hameed International Money Exchange (Pvt.) Limited. All the aforementioned Exchange Companies, their head offices and all outlets have been debarred from undertaking any kind of business activity during the suspension period, the SBP statement added.