web analytics
27.7 C
Karachi
Sunday, August 10, 2025
- Advertisement -

SBP suspends another foreign exchange company

TOP NEWS

Anjum Wahab
Anjum Wahab
Anjum Wahab reports business for ARY News

KARACHI: The State Bank of Pakistan (SBP) on Saturday suspended the authorization of another foreign exchange company namely M/s Royal International Exchange Company (Pvt) Limited till further orders for violating SBP rules and regulations.

According to the statement issued by central bank, the exchange company, its head office, branches, franchises and payment booths have been debarred from undertaking any kind of business activity during the suspension period.

Last week, the central bank suspended, with immediate effect, the authorization of M/s Usman International Exchange Company –B (Pvt) Limited till further orders.

Action has been taken due to serious violations of the central bank’s regulations and instructions.

Read more: Nexus b/w illegal money exchanges and bankers exposed

It is pertinent to mention here that a nexus between illegal money exchanges and bankers was exposed in investigations by various agencies.

Illegal money exchanges orchestrated a nexus with various banks for money hoarding, sources said. “Islamabad’s 78 bankers and cashiers have been involved in this illegal arrangement,” according to sources.

- Advertisement -
- Advertisement -
 

Trending

POLL

After Pakistan's crushing response. Will India ever resort to cowardly attacks like Operation Sindoor again?

- Advertisement -
 

MORE STORIES