Karachi September 13 2022: The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of two Exchange Companies, according to the notification issued today.
The two Exchange Companies namely, Swiss International Exchange Company-B (Pvt.) Limited and Great Union Exchange Company-B (Pvt.) Limited has been 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, to SBP, a report of corrective measures to be taken
Further, the authorization of one branch each of Swiss International Exchange Company and Great Union Exchange Company, as mentioned hereafter, has been cancelled with immediate effect.
Swiss International Exchange Company: Branch located at Shop No. 32 & 33, Tahir Center, near Jahangir Park, Saddar Karachi.
Great Union Exchange Company: Branch No. 08, located at Shop No. 33, Ground Floor, Mall Plaza, the Mall, Saddar, Rawalpindi Cantt
Both Exchange Companies, their Head Offices, branches/outlets have been restricted from undertaking any kind of business activity during the suspension period.
