The State Bank of Pakistan (SBP) has suspended the authorization of 11 outlets of different exchange companies due to violations of regulatory instructions.
According to details, the central bank has suspended the authorization of 11 outlets of 8 exchange companies for 7 to 15 days with immediate effect due to violations of regulatory instructions.
SBP conducted mystery shopping at the outlets of exchange companies wherein it was observed that the aforesaid outlets were refusing the sale of foreign currencies to their customers despite having an availability of the same at their counters.
All 11 outlets have been restricted from undertaking any kind of business activity during the suspension period.
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