KARACHI: The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorization of two Exchange Companies, namely Swiss International Exchange Company-B (Pvt) Limited and Great Union Exchange Company-B (Pvt) Limited for three months due to serious violations of regulatory instructions.
SBP has advised both the companies to strengthen their Internal Control Functions and submit a report of corrective measures to be taken to SBP.
Further, the authorization of one branch each of Swiss International Exchange Company and Great Union Exchange Company, as mentioned hereafter, has been cancelled with immediate effect.
SBP has suspended authorization of Swiss International Exchange Company’s Branch located at Shop No 32 and 33, Tahir Centre, near Jahangir Park, Saddar Karachi and Great Union Exchange Company’s Branch No 08, located at Shop No. 33, Ground Floor, Mall Plaza, the Mall, Saddar, Rawalpindi Cantt:
Both Exchange Companies, their Head Offices, branches/outlets have been restricted from undertaking any kind of business activity during the suspension period.
Copyright Business Recorder, 2022
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