SBP Revokes License of Exchange Company After Voluntary Closure

The State Bank of Pakistan (SBP) has revoked the authorization of Riaz Exchange Company (Pvt.) Ltd. to conduct foreign exchange business after the company voluntarily closed its operations.

According to a statement issued by the central bank, the authorization was withdrawn following a request from the exchange company, and it is no longer permitted to deal in any form of foreign exchange transactions.

Pakistan’s foreign exchange market has undergone significant adjustments over the past two years, including tighter oversight of exchange companies and measures aimed at curbing illegal currency trading.

The SBP has also encouraged consolidation and stricter compliance within the sector to strengthen formal currency channels and improve transparency in foreign exchange transactions as Pakistan continues efforts to stabilise its external sector and maintain exchange rate stability.