The State Bank of Pakistan (SBP) on Monday revoked the authorisation/license of M/s PBS Exchange Company (Pvt.) Limited due to non-compliance with relevant laws and regulations.
As a result of this action, the company, including its head office and all branches, is no longer permitted to conduct any foreign exchange business activities, the SBP said in a press statement.
The SBP’s decision to revoke the license is in line with its regulatory responsibilities to enforce compliance among financial institutions. The specific details of the violations have not been disclosed by the SBP.
Following this decision, PBS Exchange Company must cease all foreign exchange transactions immediately. The cancellation of its license signals the SBP’s commitment to upholding regulatory standards and ensuring the stability of the financial sector.
There has been no response from M/s PBS Exchange Company regarding the revocation of their license at the time of this report.