SBP revokes Time Exchange licence over regulatory violations

The State Bank of Pakistan (SBP) has cancelled the authorization and licence of Time Exchange Company (Private) Limited with immediate effect, citing serious violations of the central bank’s regulatory instructions.

In an announcement issued on June 22, the central bank said the action applies to the exchange company in its entirety and takes effect immediately.

Following the cancellation, Time Exchange Company (Private) Limited has been prohibited from undertaking any foreign exchange-related business activities in any capacity whatsoever. The restriction extends to the company’s head office as well as all of its constituent branches.

The SBP statement attributed the decision to regulatory non-compliance but did not disclose further details regarding the violations.