Karachi November 19 2022: The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of two Exchange Companies according to statement issued by Central Bank.
The exchange companies namely, Orient Exchange Company-B (Pvt.) Limited and Best Way Exchange Company-B (Pvt.) Limited operations suspended for three months due to serious violations of regulatory instructions. SBP has advised both the companies to strengthen their Internal Control Functions and submit a report, of corrective measures to be taken in this regard, to SBP.
Both Exchange Companies, their Head Offices, all branches/outlets have been restricted from undertaking any kind of business activity during the suspension period.