The State Bank of Pakistan has cancelled the authorization and license of Time Exchange Company (Pvt.) Limited with immediate effect over serious violations of the central bank’s regulatory instructions.
In a statement issued on Sunday, the SBP said the company, including its head office and all branches, has been prohibited from conducting any foreign exchange-related business activities in any capacity.
The central bank said the action was taken due to serious breaches of its regulatory framework, but did not disclose further details regarding the violations.
Following the cancellation of its license, Time Exchange Company is no longer authorized to buy, sell, or deal in foreign exchange transactions across Pakistan.
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