The State Bank of Pakistan (SBP) has suspended the authorization of multiple Exchange Companies of B Category due to serious violations of its regulations and instructions.
In a short statement, the central bank said that the suspension of authorization would be applicable with immediate effect. The companies are:
- International Exchange Company –B (Pvt) Limited
- World Wide Exchange Company –B (Pvt) Limited
- World Exchange Company –B (Pvt) Limited
- Universal Exchange Company –B (Pvt) Limited
- United Exchange Company –B (Pvt) Limited
All the aforementioned Exchange Companies, their head offices, and all branches have been debarred from undertaking any kind of business activity during the suspension period.
