SBP suspends authorisation of 11 outlets of 8 ECs

KARACHI: The State Bank of Pakistan (SBP) has suspended, with immediate effect, the authorisation of 11 outlets of eight exchange companies, for seven to fifteen days due to violations of regulatory instructions.

The SBP conducted mystery shopping at the outlets of exchange companies wherein it was observed that the aforesaid outlets were refusing sale of foreign currencies to their customers despite having availability of the same at their counters.

All 11 outlets have been restricted from undertaking any kind of business activity during the suspension period.

Copyright Business Recorder, 2023