Karachi September 15 2023: The State Bank of Pakistan has suspended with immediate effect the authorization of an Exchange Company Namely M/s Royal International Exchange Company (Pvt) Limited till further orders on violations of SBP rules and regulations.
The Exchange Company, its head office, branches, franchises and payment booths have been debarred from undertaking any kind of business activity during the suspension period.
This marks the second instance of an Exchange Company suspension within the week. Prior to this, the central bank had promptly suspended the authorization of another Exchange Company, specifically M/s Usman International Exchange Company – B (Pvt) Limited.
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