SBP cancels license of Al Sahara Exchange Company

The State Bank of Pakistan (SBP) revoked on Wednesday the licence of Al Sahara Exchange Company (Pvt.) Ltd.

“The authorisation of the company to deal in foreign exchange business has been revoked from the date of closure of its operations,” the SBP said.

Now the company is no longer authorised to carry out any type of foreign exchange business.

Last month, the SBP had canceled the licenses of M/s Dream Exchange (Private) Limited and Al Raj International Exchange Company (Private) Limited due to serious violations of the 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.