State Bank of Pakistan Suspends the Authorization of Five Exchange Companies

SBP October 12 2023 : State Bank of Pakistan has suspended, with immediate effect, the authorization of the following Exchange Companies –B Category till further orders due to serious violations of the State Bank’s regulations and instructions:

i. M/s International Exchange Company –B (Pvt) Limited
ii. M/s World Wide Exchange Company –B (Pvt) Limited
iii. M/s World Exchange Company –B (Pvt) Limited
iv. M/s Universal Exchange Company –B (Pvt) Limited
v. M/s United Exchange Company –B (Pvt) Limited

All the aforementioned Exchange Companies –B Category, their head offices and all branches have been debarred from undertaking any kind of business activity during the suspension period.