ISLAMABAD: Bank of Khyber (BoK) announced its intention to set up a wholly-owned exchange company. This strategic initiative, approved by the BoK Board of Directors on November 3, with an authorized share capital of Rs 1 billion, will provide a wide range of foreign exchange services to BoK customers and the general public.

The establishment of the company is aligned with the State Bank of Pakistan’s (SBP) recent structural reforms to strengthen controls and address the challenges posed by fluctuations in the open market’s rupee value.

The SBP has encouraged leading banks to establish wholly-owned ECs to meet the legitimate foreign exchange requirements of the public. The setting up of the exchange company is subject to final approvals including grant of license from SBP and other regulatory requirements.

BoK is committed to continuously enhancing its services and offerings to better serve its valued customers and contribute to the stability and growth of Pakistan’s financial sector.

Copyright Business Recorder, 2023