SBP suspends authorisation of Great Union Exchange, Swiss International Exchange

KARACHI: The State Bank of Pakistan (SBP) on Tuesday suspended, with immediate effect, the authorisation of two exchange companies including the Swiss International Exchange Company-B (Pvt.) Limited and Great Union Exchange Company-B (Pvt.) Limited for a period of three months. 

In a statement released by the central bank, it was informed that the action was taken “due to serious violations of regulatory instructions.”

The SBP has advised both companies to strengthen their Internal Control Functions in addition to submitting a report of corrective measures to be taken.

Further, the authorization of one branch each exchange company, as mentioned hereafter, has been canceled with immediate effect.

The branches include Swiss International Exchange Company at Shop No. 32 & 33, Tahir Center, near Jahangir Park, Saddar Karachi; and Great Union Exchange Company Branch No. 08 at Shop No. 33, Ground Floor, Mall Plaza, the Mall, Saddar, Rawalpindi Cantt.

Both companies, their head offices, along with outlets have been restricted from undertaking any kind of business activity during the suspension period.