SBP suspends authorisation of three exchange companies

The State Bank of Pakistan (SBP) has suspended the authorisation of three exchange companies due to serious violations of SBP regulations and instructions. 

The affected companies include M/s AA Exchange Company (Pvt.) Limited, M/s Galaxy Exchange Company (Pvt.) Limited and M/s Al-Hameed International Money Exchange (Pvt.) Limited. 

This suspension means that these companies, along with their head offices and outlets, are prohibited from conducting any business activities until further notice, the SBP said in a statement.

The SBP's action emphasizes its commitment to upholding regulatory standards within the financial sector. 

Earlier, the SBP on Monday revoked the authorisation/license of M/s PBS Exchange Company (Pvt.) Limited due to non-compliance with relevant laws and regulations.