SBP cancels license of multiple exchanges

The State Bank of Pakistan (SBP) canceled on Tuesday the authorization/licenses of two exchange companies.

In a statement, the bank said that the licenses of M/s Dream Exchange (Private) Limited and Al Raj International Exchange Company (Private) Limited were canceled due to serious violations of SBP’s regulatory instructions.

Hence, both the companies including their head offices and all constituent branches, will be prohibited from undertaking any foreign exchange related business activities in any capacity.