On Tuesday, the State Bank of Pakistan suspended the licenses of two currency exchanges for “serious violations of regulatory guidelines”. Permission of one branch of each exchange company was also revoked.
In a notification issued on Tuesday, the central bank said the authorization of M/s Great Union Exchange Company-B (Pvt) Ltd and M/s Swiss International Exchange Company-B (Pvt) Ltd has been suspended with immediate effect.
His permit was suspended for three months. In addition, the head offices, branches and outlets of both exchange companies have been barred from carrying out any business activity during the suspension period.
State Bank has advised the two companies to strengthen their internal control functions and submit a report on the corrective measures taken.
Additionally, the authorization of one branch of each exchange company was also revoked with immediate effect.
The branch of Swiss International, whose license was revoked, was located in Sadar, Karachi. The Great Union branch was located at The Mall, Sadar Rawalpindi Cantt.
