SBP annuls authorization, license of an exchange company on regulatory violations

KARACHI, Aug 17 (APP): The State Bank of Pakistan (SBP), revoking authorization and license of M/s. Al-Rahim Exchange Company (Pvt.) Limited on charges of serious violations of regulatory instructions on Monday, forbade the company from undertaking foreign exchange related business activities.

“The State Bank of Pakistan (SBP) has, with immediate effect, cancelled the authorization and license of M/s. Al-Rahim Exchange Company (Pvt.) Limited due to serious violations of SBP’s regulatory instructions, said a statement issued here by the central bank.

Consequently, M/s. Al-Rahim Exchange Company (Pvt.) Limited, including its Head Office and all constituent branches, was also prohibited from undertaking any foreign exchange related business activities in any capacity, it added.