The State Bank of Pakistan (SBP) has suspended the authorization of multiple Exchange Companies of B Category due to serious violations of its regulations and instructions.
In a short statement, the central bank said that the suspension of authorization would be applicable with immediate effect. The companies are:
International Exchange Company –B (Pvt) Limited
World Wide Exchange Company –B (Pvt) Limited
World Exchange Company –B (Pvt) Limited
Universal Exchange Company –B (Pvt) Limited
United Exchange Company –B (Pvt) Limited
All the aforementioned Exchange Companies, their head offices, and all branches have been debarred from undertaking any kind of business activity during the suspension period.
Source: Pro Pakistani