State Bank revokes authorization of Riaz Exchange after voluntary closure

The State Bank of Pakistan (SBP) has announced that the authorization of Riaz Exchange Company (Pvt.) Ltd. to conduct foreign exchange business has been revoked following the company’s request to close its operations.

In a statement issued by the central bank’s External Communications Department, SBP said the revocation has taken effect from the date the company ceased operations.

“On the request of M/s. Riaz Exchange Company (Pvt.) Ltd., the Authorization of the company to deal in foreign exchange business has been revoked from the date of closure of its operations,” the statement said.

The central bank further clarified that the company can no longer conduct any activity related to the foreign exchange market.

“Accordingly, the company is no more authorized to carry out any type of foreign exchange business,” SBP said.

Exchange companies in Pakistan operate under licenses issued by the State Bank of Pakistan and are regulated to conduct currency exchange and related foreign exchange transactions.

With the revocation of its authorization, Riaz Exchange Company (Pvt.) Ltd. will cease to operate as a licensed exchange company in the country.